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Power Receivable Finance LLC Nov 05 Product Image

Power Receivable Finance LLC Nov 05

  • Published: November 2005
  • Standard & Poors

Abstract
The 'BBB' rating on Power Receivable Finance LLC's (PRF) $432 million senior secured notes ($387 million outstanding) and the 'BB+' rating on the company's $22.2 million subordinated notes ($21.4 million outstanding) are supported by the contractual structure provided by the transaction documents, and the creditworthiness of the power purchaser, the California Dept. of Water Resources (CDWR; BBB+/Negative/--), and power provider (J. Aron & Co., guaranteed by The Goldman Sachs Group Inc. (GSG; A+/Stable/A-1)). The ratings on the two tranches are two notches apart based on Standard & Poor's Ratings Services' view of the difference in default probability and recovery prospects in a bankruptcy, due to the subordination. Unless Standard & Poor's view of these differences changes, the ratings on the...

Companies mentioned in this report are: California Dept of Wtr Resources,Allegheny Energy Supply Co. LLC
Action: Review

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California Dept of Wtr Resources,Allegheny Energy Supply Co. LLC

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