Summary: TermoEmcali Funding Corp. Jul 09

Standard & Poors, July 2009

Abstract
Standard & Poor's Ratings Services' 'CCC+' rating on Colombian power generator TermoEmcali Funding Corp.'s $153.7 million restructured senior secured notes mainly reflects the company's dependence on its majority owner Emcali's ability to honor payment obligations under the tranche E notes. The E notes, which were restructured in 2004, will be amortized in monthly installments with a final maturity on Dec. 31, 2019. The restructured senior secured notes issued by TemoEmcali are served with the proceeds from Tranche E. The notes were restructured after Emcali defaulted in 2003 on the power purchase agreement (PPA) it had with TermoEmcali. Proceeds from Tranche E are used to pay off Emcali's obligations to TermoEmcali, replacing the cost of terminating the PPA after the 2004...

Companies mentioned in this report are: TermoEmcali Funding Corp
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

TermoEmcali Funding Corp

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