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Bank Loan and Recovery Analysis for Allegheny Energy Supply Is Published Feb 04
Standard & Poors, Feb 2004
Abstract
NEW YORK (Standard & Poor's) Feb. 26, 2004-Standard & Poor's Ratings Services today published a bank loan and recovery analysis of new credit facilities of Allegheny Energy Inc.'s subsidiary Allegheny Energy Supply Co. LLC. The new credit facilities alleviate the near-term liquidity risk associated with the restructured credit facilities that were put in place in February 2003, which were characterized by onerous amortization payments, aggressive maturity schedules, and restrictive financial covenants. Standard & Poor's assigned the Term Loan B and Term Loan C facilities its 'B' rating, which is at the same level as the corporate credit rating, to reflect the significant amount of secured debt at Allegheny Energy Supply relative to its asset value. In addition, both facilities will...
Companies mentioned in this report are: Allegheny Energy Inc.,Allegheny Energy Supply Co. LLC
Action: General Comment
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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