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Allegheny Energy Bank Loan Analysis Oct 03
Standard & Poors, Oct 2003
Abstract
Earlier this year, Allegheny Energy Inc. and its subsidiary Allegheny Energy Supply Co. LLC entered into agreements with lenders for new and restructured credit facilities totaling about $2.4 billion. The majority of Allegheny Energy Supply's restructured debt is secured by substantially all of its assets. The new Tranche E credit facilities at Allegheny Energy are unsecured and refinance $330 million of existing debt and LOCs. The funds also provide the company with much-needed liquidity. Standard & Poor's assigned the rating of the first lien debt ($420 million of new money) two notches above the company's corporate credit rating, based on an asset value to debt coverage of over 3x under a stress scenario. The higher rating reflects the very strong...
Companies mentioned in this report are: California Dept of Wtr Resources,Allegheny Energy Inc.,The Williams Cos. Inc.,Allegheny Energy Supply Co. LLC,Black Hills Corp.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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