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Brazos River Authority Bonds Series 2001I, 2001D-2, And 2002A Ratings Lowered To 'A/A-1' Jan 12
Standard & Poors, Jan 2012
Abstract
NEW YORK (Standard & Poor's) Jan. 20, 2012--Standard & Poor's Ratings Services today lowered its ratings on Brazos River Authority's bonds series 2001I, 2001D-2, and 2002A to 'A/A-1' from 'A+/A-1' (see list). The bonds are fully supported by letters of credit (LOCs) from Citibank N.A. Today's rating actions reflect the Nov. 29, 2011, lowering of our rating on Citibank N.A. to 'A/A-1' from 'A+/A-1' and the application of our joint-support criteria (see 'Joint-Support Criteria Update,' published April 22, 2009). We downgraded the bonds after applying our joint-support criteria using our lowered rating on Citibank N.A., the LOC provider, and our rating on Texas Competitive Electric Holding Co. LLC ('CCC'), the obligor. For these transactions, the long-term components of our ratings...
Companies mentioned in this report are: Brazos River Auth
Action: Downgraded
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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