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BULLETIN: TransAlta Corp. Announces CE Generation LLC Acquisition Jan 03
Standard & Poors, Jan 2003
Abstract
TransAlta Corp. (BBB+/Watch Neg/--) today announced its acquisition of El Paso Energy Corp.'s 50% interest in CE Generation LLC (senior secured debt rated BB-/Watch Dev). Standard & Poor's Ratings Services said its ratings on the electricity generation and marketing company and related entity, TransAlta Utilities Corp., remain on CreditWatch with negative implications, where they were placed Jan. 15, 2003. CE Generation holds 820 MW of operating capacity including 330 MW of geothermal generation in California and 490 MW of gas-fired cogeneration in New York, Texas, and Arizona. The total cost of the acquisition will be US$205 million plus US$35 million in working capital and is expected to close by the end of January 2003. Standard & Poor's is in the...
Companies mentioned in this report are: TransAlta Corp.,CE Generation LLC,TransAlta Utilities Corp
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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