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Allegheny Energy Supply Bonds Assigned 'B+' Rating Nov 04
Standard & Poors, Nov 2004
Abstract
NEW YORK (Standard & Poor's) Nov. 4, 2004--Standard & Poor's Ratings Services assigned its 'B+' rating and a recovery rating of '2' to the $1.04 billion senior secured credit facility to Allegheny Energy Inc. (B+/Positive/--) generation subsidiary, Allegheny Energy Supply Co. LLC (B+/Positive/--). The outlook is positive. The amended and restated bank loan replaces Allegheny Supply Energy's existing $1.25 billion secured bank loan, but with a more favorable interest rate structure. The amended bank loan, which only has one debt tranche, is secured by substantially all of Allegheny's assets. The '2' recovery rating indicates that holders of the bank loan can expect substantial (80% to 100%) recovery of principal in the event of a default. Because of the recovery score,...
Companies mentioned in this report are: Allegheny Energy Supply Co. LLC
Action: New Rating
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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