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Bulletin: Clarksville Natural Gas Acq.'s $240M Bonds Unaffected By Wachovia's CreditWatch Placement Sep 08
Standard & Poors, Sep 2008
Abstract
NEW YORK (Standard & Poor's) Sept. 29, 2008--Standard & Poor's Ratings Services said today that the placement of Wachovia Bank, N.A. (AA-/Watch Neg/A-1+), which is the guaranteed investment contract provider to Clarksville Natural Gas Acquisition (NGAC) Corp.'s $240.1 million series 2006 revenue bonds (BBB-/Watch Neg), on CreditWatch with negative implications does not affect the rating or CreditWatch on the prepaid gas transaction. The series 2006 bond rating is currently tied to Syncora Guarantee Inc. (formerly XL Capital Assurance Inc; BBB-/Watch Neg/--), which provides a debt service reserve surety bond to NGAC's transaction. NGAC's bondholders rely on payments from Syncora to cover debt service in the case of a municipal participant default. As the two municipal participants in the transaction--the City...
Companies mentioned in this report are: Wachovia Bank, N.A.
Action: Bulletin
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.
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