Research Update: Rating On Central Plains Energy Project's Bonds Affirmed At 'B'; $90 Mil Of Bonds Retired Oct 12
- Language: English
- Published: October 2012
The rating on Central Plains Energy Project's (CPEP) 2007A fixed-rate gas project revenue bonds and series 2007B index-rate gas project revenue bonds is 'B'. The outlook is negative. The various counterparties in the transaction are: Goldman Sachs Group Inc. (The) (A-/Negative/A-2), which guarantees the obligations of J. Aron & Co. (not rated), CPEP's gas supplier; The Royal Bank of Scotland PLC (RBS; A-/Stable/A-2), the fixed-price commodity swap counterparty; MBIA Inc. (B-/Negative/--), the repurchase agreement provider for the debt-service reserve and working capital reserve funds, which a guarantee from MBIA Insurance Corp. (B/Negative/--) supports; Transamerica Life Insurance Co. (AA-/Stable/A-1+), the guaranteed investment contract provider for the debt service fund; The Omaha Metropolitan Utilities District (OMUD; AA/Stable/--; 95% of gas volumes); and...
Companies mentioned in this report are: Central Plains Energy Project (Gas Prepay)
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