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BULLETIN: Fort Chicago Energy Partners L.P. Stability Rating Unaffected By Unit Offering May 05
Standard & Poors, May 2005
Abstract
TORONTO (Standard & Poor's) May 31, 2005--Standard & Poor's Ratings Services today said that its Canadian stability rating and outlook on Fort Chicago Energy Partners L.P. (SR-2/Stable) are not affected by the sale of its 12.6 million Class A limited partnership units (on a bought-deal basis) for gross proceeds of C$160 million. The unit offering was made to repay outstanding borrowings under the partnership's credit facility incurred in connection with the December 2004 acquisition of the Alberta Ethane Gathering System (AEGS). The existing stability rating anticipated a unit offering to repay debt and incorporated both the corresponding improvement in Fort Chicago's financial position and the incremental distribution requirement. The new units imply an additional C$12.1 million in annual distributions at...
Companies mentioned in this report are: Veresen Inc.
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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