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Research Update: Northeast Generation's $320 Million Bonds Upgraded To 'BB-'; Removed From CreditWatch Nov 06
Standard & Poors, November 2006
On Nov. 1, 2006, Standard & Poor's Ratings Services raised the rating on Northeast Generation Co.'s (NGC) $320 million first mortgage bonds to 'BB-' from 'B+' and removed the rating from CreditWatch with positive implications, where it had been placed on Sept. 20, 2006. The outlook is stable. At the same time, Standard & Poor's assigned its '1' recovery rating to the first mortgage bonds, indicating expectations of full (100%) recovery of principal in a payment default scenario. The rating action reflects NE Energy's purchase of Northeast Utilities' (BBB/Stable/--) competitive generation assets, which includes NGC's assets, for $1.34 billion including the assumption of the first mortgage bonds. NE Energy is a wholly owned subsidiary of NE Energy Holdings Inc. (not...
Companies mentioned in this report are: FirstLight Hydro Generating Co.,Northeast Utilities
Action: Outlook: Stable
Action: Removed From CreditWatch
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
FirstLight Hydro Generating Co.,Northeast Utilities