Ratings Lowered On 10 Natural Gas Prepay Transactions Following Counterparty Downgrades Dec 11

Standard & Poors, December 2011

Abstract
OVERVIEW Standard & Poor's lowered its ratings on 10 natural gas prepay transactions following the recent downgrade of a number of national banks. The rating actions on the 10 transactions follow our Nov. 29, 2011, downgrade of various banks, some of which act as counterparties in these prepay transactions. Our ratings on two natural gas transactions are not affected by the recent downgrade of these banks even though they act as counterparties in the transactions; as the current rating on the transaction is lower than the rating of the affected bank. The Nov. 30, 2011, downgrade of Assured Guaranty Ltd. does not affect any of the gas prepay transactions. NEW YORK (Standard & Poor's) Dec. 8, 2011--Standard & Poor's Ratings...

Companies mentioned in this report are: Long Beach Bond Finance Authority (Gas Prepay),Texas Municipal Gas Acquisition and Supply Corp. (Gas Prepay),Main Street Natural Gas Inc. (Gas Prepay),Roseville Natural Gas Financing Authority (Gas Prepay),Northern California Gas Authority No. 1 (Gas Prepay),SA Energy Acquisition Public Facility Corp. (Gas Prepay),Texas Municipal Gas Acquisition and Supply Corp. II (Gas Prepay),Salt Verde Financial Corp. (Gas Prepay),Tennessee Energy Acquisition Corp. (Gas Prepay),Southern California Public Power Authority (Gas Prepay),Public Authority for Colorado Energy (Gas Prepay),M-S-R Energy Authority (Gas Prepay)
Action: Downgraded

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.

Long Beach Bond Finance Authority (Gas Prepay),Texas Municipal Gas Acquisition and Supply Corp. (Gas Prepay),Main Street Natural Gas Inc. (Gas Prepay),Roseville Natural Gas Financing Authority (Gas Prepay),Northern California Gas Authority No. 1 (Gas Prepay),SA Energy Acquisition Public Facility Corp. (Gas Prepay),Texas Municipal Gas Acquisition and Supply Corp. II (Gas Prepay),Salt Verde Financial Corp. (Gas Prepay),Tennessee Energy Acquisition Corp. (Gas Prepay),Southern California Public Power Authority (Gas Prepay),Public Authority for Colorado Energy (Gas Prepay),M-S-R Energy Authority (Gas Prepay)

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