Long Island Power Authority, NY's Senior-Lien Bonds Affirmed at 'A-' Dec 03
Standard & Poors, December 2003
Abstract
NEW YORK (Standard & Poor's) Dec. 29, 2003--Standard & Poor's Rating Services affirmed its 'A-' rating on Long Island Power Authority (LIPA), N.Y.'s senior-lien obligations, following Standard & Poor's regular surveillance. LIPA has $6.856 billion in debt outstanding. The outlook is negative, reflecting continuing turnover at the CFO position, the lack of a robust long-term capacity plan, and the potential for LIPA to acquire Keyspan assets later in 2004. To revise the outlook to stable, Standard & Poor's will require stability in the chief financial officer (CFO) position, demonstrated success with the fuel management program, and improvement on long-term supply margins for its service area. The 'A-' rating reflects the fact that revenues are stable due to the operation of...
Companies mentioned in this report are: Long Island Pwr Auth
Action: Affirmed
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.
Long Island Pwr Auth
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