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Research Update: Public Energy Authority of Kentucky Series 2006A Revenue Bond Ratings Placed On Watch Negative Dec 11
Standard & Poors, December 2011
Citigroup Inc. (A-/Negative/A-2), the guaranteed investment contract provider on Public Energy Authority of Kentucky Inc.'s (PEAK) gas supply revenue transaction, was recently downgraded. We have placed our 'A/A-1' ratings on PEAK's gas supply revenue transaction on CreditWatch with negative implications. Bond payment depends on the ability of several different counterparties to perform under the transaction documents. The CreditWatch placement reflects the potential that we can downgrade the PEAK bonds following our review. On Dec. 15, 2011, Standard & Poor's Ratings Services placed its 'A/A-1' ratings on Public Energy Authority of Kentucky Inc.'s (PEAK) $1.031 billion series 2006A gas supply revenue bonds due 2016 on CreditWatch with negative implications. The rating action follows the Nov. 29, 2011, downgrade of Citigroup Inc....
Companies mentioned in this report are: Public Energy Authority of Kentucky Inc. (Gas Prepay)
Action: On CreditWatch:Negative
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Public Energy Authority of Kentucky Inc. (Gas Prepay)