- Language: English
- Published: February 2012
Recovery Report: Copano Energy LLC's Recovery Rating Profile Dec 11
- ID: 2035813
- December 2011
- Standard & Poors
We are updating our recovery report on U.S. midstream energy company Copano Energy LLC to reflect recent changes to the capital structure and a change in our valuation. The '5' recovery rating on the unsecured notes remain unchanged. Our simulated default scenario for Copano contemplates a default arising from compressed natural gas liquids margins in its Texas and Oklahoma operating segments due to depressed crude oil prices, and equity volume declines due to production companies lowering capital spending in response to lower natural gas prices. We also assume that the company has limited access to the capital markets and must fund its working capital requirements with its revolving credit facility. Copano's unrated revolving credit facility has a first-priority lien on...
Companies mentioned in this report are: Copano Energy LLC
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: Full Analysis