Fort Chicago Energy Partners L.P. Jun 09
Standard & Poors, June 2009
Abstract
Stable and predictable cash flows High-quality natural gas infrastructure assets Diversified portfolio of businesses reduces risks Favorable market dynamics for key business units Aggressive balance-sheet leverage Primary term contract with Alliance (the major cash-flow driver) expiring November 2015 Aux Sable segment's volatility Increased investment in power, which has higher relative business risk In Standard & Poor's Ratings Services' opinion, the rating on Fort Chicago Energy Partners L.P. (Fort Chicago or the L.P.) reflects the company's strong business risk profile. In our view, supporting elements for the business risk profile include the favorable market position and cash flow stability of the Alliance Pipeline L.P. (senior secured debt rating: BBB+/Stable) system and Alberta Ethane Gathering System (AEGS), which operate in the natural...
Companies mentioned in this report are: Veresen Inc.,Alliance Pipeline L.P.,Alliance Pipeline Limited Partnership
Action: Affirmed
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
Veresen Inc.,Alliance Pipeline L.P.,Alliance Pipeline Limited Partnership
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