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Allegheny Energy Supply Bank Loan and Recovery Analysis Feb 04
Standard & Poors, Feb 2004
Abstract
(Editor's note: In the article published earlier today, the timing of the company's refinancing was misstated in the first paragraph. A corrected version follows.) On Feb. 27, 2004, Allegheny Energy Inc. (Allegheny) is expected to complete the refinancing of $1.55 billion in debt--$300 million at the holding company and $1.25 billion at operating subsidiary Allegheny Energy Supply Co. LLC (AE Supply). In conjunction with the refinancing, Standard & Poor's Ratings Services revised the outlook on Allegheny and its subsidiaries to stable from negative, recognizing that the company has taken significant steps over the past year to improve its financial profile. Above all, the new credit facilities alleviate the near-term liquidity risk associated with the restructured credit facilities that was put...
Companies mentioned in this report are: Allegheny Energy Inc.,Allegheny Energy Supply Co. LLC
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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