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Northeast Generation's $357.5 Mil. Senior Bonds Affirmed At 'BB+'; Outlook Negative Jul 05
Standard & Poors, July 2005
NEW YORK (Standard & Poor's) July 8, 2005--Standard & Poor's Ratings Services' today affirmed its 'BB+' rating on Northeast Generation Co.'s (NGC) $357.5 million senior secured bonds. The rating reflects the near-term expiration of the current Select Energy Inc. (Select) contract and the potential that Select may not extend the contract on terms favorable to the NGC bondholders. Under a merchant case scenario where natural gas prices remain low ($3.75 per million Btu), NGC's debt service coverage ratio could fall to 1x. The outlook is negative. NGC, an indirect, wholly owned subsidiary of Northeast Utilities (NU), owns, operates, and maintains a portfolio of 1,296 MW of generation assets and firm capacity in the New England region. While Standard & Poor's...
Companies mentioned in this report are: FirstLight Hydro Generating Co.,Northeast Utilities
Action: Outlook: Negative
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.
FirstLight Hydro Generating Co.,Northeast Utilities