Summary: EnerTech Environmental California LLC Jul 07

Standard & Poors, July 2007

Abstract
The rating on 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, is 'BBB'. The outlook is stable. The rating on 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 somewhat weakened by the existence of second subordinated bonds...

Companies mentioned in this report are:
- California Statewide Communities Dev Auth

Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- California Statewide Communities Dev Auth

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