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BULLETIN: Typhoon Hits Guam; Credit Impact on Outstanding Ratings Unclear Dec 02
Standard & Poors, Dec 2002
Abstract
Guam was hit on Sunday by a 'super typhoon' with sustained wind speeds of over 240 mph at the eye of the storm. The credit impact to Guam Government (BB/Stable/--) and Guam Power Authority (BBB/Negative/--) is not yet clear. According to press statements made by the Governor of Guam, the entire island remains without electricity, as well as water and sewer service. Structural damage is likely to be significant. President Bush declared the U.S. territory a federal disaster area, which could eventually result in federal funds to rebuild part of the island's basic infrastructure. However, the general government and the utility will likely face financial pressure and constrained liquidity in the short-term....
Companies mentioned in this report are: Guam,Guam Pwr Auth
Action: S&P Event
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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