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Bulletin: Clarksville Nat Gas Acq's Bonds Unaffected By Wachovia's CreditWatch Revision To Positive Oct 08
Standard & Poors, Oct 2008
Abstract
NEW YORK (Standard & Poor's) Oct. 13, 2008--Standard & Poor's Ratings Services said today that the revision of the CreditWatch on Wachovia Bank, N.A. (AA-/Watch Pos/A-1+), which is the forward purchase contract provider to Clarksville Natural Gas Acquisition (NGAC) Corp.'s $240.1 million series 2006 revenue bonds (BBB-/Watch Neg), to positive implications from developing implications, does not affect the rating or CreditWatch on the prepaid gas transaction. The revision of Wachovia's CreditWatch status reflects its definitive agreement with Wells Fargo & Co. (AA+/Watch Neg/A-1+) and that discussions between Citigroup Inc. (AA-/Watch Neg/A-1+) and Wells Fargo concerning a possible sale of certain of Wachovia's banking assets have ceased. The series 2006 bond rating is currently tied to Syncora Guarantee Inc. (formerly XL...
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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