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Bulletin: Rating On Texas Muni Gas II?s Prepay Bonds Unaffected By Counterparty Outlook Revision Apr 08
Standard & Poors, April 2008
Abstract
NEW YORK (Standard & Poor's) April 30, 2008--Standard & Poor's Ratings Services said today that the April 29, 2008 outlook revision of Transamerica Life Insurance Co. (AA/Negative/A-1+) does not affect the rating or outlook on Texas Municipal Gas Acquisition and Supply Corp. II's (TexGas II) series 2007A and 2007B bonds. The rating is currently tied to the long-term credit rating of JPMorgan Chase & Co. (JPMC; AA-/Stable/A-1+). JPMC guarantees the obligations of JP Morgan Venture Energy Corp. (JPMVEC; not rated), TexGas II's gas supplier. Standard & Poor's could lower the rating on TexGas II's series 2007A and 2007B bonds if it lowers the rating on JPMC or one of the other counterparties in the transaction becomes the primary ratings constraint....
Companies mentioned in this report are: Texas Municipal Gas Acquisition and Supply Corp. II (Gas Prepay),JPMorgan Chase & Co.,Transamerica Life Insurance Co.
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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