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Borger Energy Associates LP/Borger Funding Corp.' BBB-' Rating Affirmed Jun 03
Standard & Poors, June 2003
Abstract
NEW YORK (Standard & Poor's) June 2, 2003--Standard & Poor's Ratings Services today affirmed its 'BBB-' rating on Borger Energy Associates L.P. (Borger)/Borger Funding Corp.'s US$117 million 1st mortgage bonds, reflecting the project's high insurance premiums, its fluctuating steam revenue that is dependent on the market price of natural gas, and a steam agreement that expires four years before the end of the debt term. Borger is a 230MW gas-fired cogeneration qualifying facility located near Borger, Texas. Since Borger's start-up issues and emission problems appear to be over, the outlook is stable. Even though the debt service coverage ratios going forward are expected to be lower than the original projections, they are adequate for the current rating level provided that...
Companies mentioned in this report are: Borger Energy Associates L.P./Borger Funding Corp.,ConocoPhillips Co.,Southwestern Public Service Co.,DCP Midstream LLC,Xcel Energy Inc.
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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