- Language: English
- 64 Pages
- Published: November 2011
- Region: Ghana
Summary: Mississippi Development Bank (Gas Prepay) Dec 11
- Published: December 2011
- Region: Mississippi
- Standard & Poors
The rating on the Mississippi Development Bank's (MDB) $425 million gas supply revenue bonds series 2005 due 2015 is 'A/Stable/A-1'. The counterparties in the transaction include: BP Corp. North America Inc. (BPNA; A/Stable/A-1), which guarantees the obligations of BP Energy Co. (BPEC; not rated), MDB's gas supplier; Societe Generale (SocGen; A+/Watch Neg/A-1), the fixed-price commodity swap and interest rate swap counterparty; and Transamerica Life Insurance Co. (AA-/Stable/A-1+), the guaranteed investment contract provider. The bond proceeds went to the Municipal Gas Authority of Mississippi (MGAM; not rated) to fund the prepayment of about 88 billion cubic feet of natural gas scheduled for delivery to MGAM over 10 years. In turn, MGAM sells the gas to eight municipal utilities (member participants and...
Companies mentioned in this report are: Mississippi Development Bank (Gas Prepay)
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Mississippi Development Bank (Gas Prepay)