On July 16, 2007, Standard & Poor's assigned its 'BB' rating to EnerTech Environmental California LLC's $130.125 million senior tax-exempt revenue bonds series 2007A and its $9.005 million senior taxable revenue bonds series 2007B (EnerTech Regional Biosolids Project), issued by the California Statewide Communities Development Authority. The outlook is stable. The rating on biosolid processor EnerTech's bonds reflects the following risks: Technology risk: the project represents the first commercial application of the SlurryCarb process to biosolids. The biosolids agreements with Los Angeles County Sanitation Districts (LACSD) and Orange County Sanitation Districts (OCSD) do not entirely transfer operating risk to the districts, but rely on some level of performance by the project. The 1.4x coverage test for distributions to equity is...
Companies mentioned in this report are:
- California Statewide Communities Dev Auth
Action: New Rating
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