Summary: TermoEmcali Funding Corp. Oct 06

Standard & Poors, October 2006

Abstract
The 'CCC+' long-term rating on TermoEmcali Funding Corp.'s (TermoEmcali) US$153.7 million restructured senior secured notes reflects the dependence on EMCALI EICE ESP's (Emcali) payment obligations under the tranche E notes. The restructured senior secured notes are amortized in monthly installments, with a final maturity on Dec. 31, 2019. The rating on the restructured notes reflects the following weaknesses: A high degree of uncertainty about Emcali's ability and willingness to honor its payment obligations with TermoEmcali under tranche E. Emcali's vulnerable historical financial position, as well as the absence of a recent track record that signals a significant financial improvement. A weak security package for a project finance transaction in that the transaction includes only a cross-default clause with all the...

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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