- Published: May 2012
- Region: United States
Bulletin: Clarksville Natural Gas Acquisition Corp Rating Unaffected By Counterparty Outlook Revision Apr 08
- Published: April 2008
- Standard & Poors
NEW YORK (Standard & Poor's) April 14, 2008--Standard & Poor's Ratings Services noted today that the outlook revision on Wachovia Bank N.A. (AA/Negative/A-1+) does not affect the rating or outlook on Clarksville Natural Gas Acquisition (NGAC) Corp.'s $240.1 million series 2006 revenue bonds due 2021 (A-/Watch Neg). The rating action on Wachovia does not affect the rating on the NGAC's prepay transaction because it is currently tied to XL Capital Assurance Inc. (XLCA; A-/Watch Neg/--), which provides a debt service reserve surety bond to NGAC's transaction. NGAC's bondholders rely on payments from XLCA to cover debt service in the case of a municipal participant default. As the two municipal participants in the transaction--the City of Clarksville, Tenn., and the Humphreys...
Companies mentioned in this report are: Wachovia Bank, N.A.
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Wachovia Bank, N.A.