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Power Receivable Finance LLC Nov 05 Product Image

Power Receivable Finance LLC Nov 05

  • ID: 2048440
  • 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

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: Full Analysis

Note: Product cover images may vary from those shown

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

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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