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Allegheny Energy Supply's $967 Million Bank Loan Assigned 'BBB-' Rating (Recov Rtg: 1) May 06
Standard & Poors, May 2006
Abstract
NEW YORK (Standard & Poor's) May 2, 2006--Standard & Poor's Ratings Services said today that it affirmed its 'BB+' corporate credit rating on power generation company Allegheny Energy Supply Co LLC (AE Supply). At the same time, Standard & Poor's assigned its 'BBB-' rating and '1' recovery rating to the company's $967 million senior secured bank loan. The outlook is positive. As of Dec. 31, 2005, the Greensburg, Pa.-based company had $2.4 billion of debt outstanding. The '1' recovery rating indicates that the expectation of full recovery of principal in a payment default scenario. Proceeds will be used to refinance the existing term loan C. The rating on AE Supply reflects the consolidated corporate credit rating on its parent, diversified...
Companies mentioned in this report are: Allegheny Energy Supply Co. LLC,Allegheny Energy Inc.
Action: Affirmed
Action: New Rating
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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