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Bulletin: Ratings On Fort Chicago Energy Partners L.P. Unaffected By Northbrook New York LLC Purchase Mar 10
Standard & Poors, March 2010
Abstract
TORONTO (Standard & Poor's) March 22, 2010--Standard & Poor's Ratings Services today said that Fort Chicago Energy Partners L.P.'s (BBB/Stable/--) purchase of Northbrook New York LLC, which owns the 33-megawatt Glen Park hydro power generation facility in upstate New York, does not affect our corporate credit rating or stability rating (SR-2/Stable) on the company. The purchase price was approximately US$80.1 million, including working capital at closing, and was financed from existing bank credit facilities. We believe this investment further diversifies Fort Chicago's energy infrastructure base and adds more stable hydrology power generation revenue, thus mitigating the impact of the volatile natural gas liquids segment. The acquisition is also consistent with Fort Chicago's growth strategy, with increasing focus on power generation...
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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