Summary: Salt Verde Financial Corp. (Gas Prepay) Dec 11

Standard & Poors, December 2011

Abstract
Standard & Poor's Ratings Services' rating on Salt Verde Financial Corp.'s (SVFC) senior secured bonds is 'A-'. The rating is solely tied to the rating on Citigroup Inc. (A-/Negative/A-2) as the lowest-rated counterparty with obligations that are critical for the transaction to function as structured. The subordinated bonds are currently rated 'B' and are linked to the rating on MBIA Insurance Corp. (B/Negative/--). The outlook on both ratings is negative. In addition to Citigroup Inc. and Citigroup Energy Inc. (CEI; unrated), the bonds also have credit exposure to the following counterparties: Salt River Project Agricultural Improvement & Power District, Ariz. (SRP; AA/Stable/--), the project participant; Royal Bank of Canada (RBC; AA-/Stable/A-1+), the fixed-price commodity swap counterparty; National Public Finance Guarantee...

Companies mentioned in this report are: Salt Verde Financial Corp. (Gas Prepay)
Action: Review

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.

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.

Salt Verde Financial Corp. (Gas Prepay)

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