| Title: | Bulletin: Northern California Gas Auth's Bond Rtg Unaffected Re Counterparty Outlook Revision |
| Price: | $100.00 |
| Publication Date: | May 02, 2008 |
| Report Type: | News |
| Abstract: | NEW YORK (Standard&Poor's) May 2, 2008--Standard&Poor's Ratings Services today noted that the outlook revision of Royal Bank of Canada (RBC; AA-/Stable/A-1+) does not affect the rating or outlook on Northern California Gas Authority No 1's bonds (NCGA; AA-/Negative). The rating on the prepay transaction is currently tied to the rating on NCGA's gas supplier, Morgan Stanley Capital Group Inc. (MSCG; not rated). Morgan Stanley (AA-/Negative/A-1+) guarantees MSCG's obligations. Furthermore, we could lower the rating if the rating on one of NCGA's other counterparties becomes the primary rating constraint in the transaction. RBC is the counterparty for the fixed-price commodity swap of the NCGA's $88.6 million gas project revenue series 2007A bonds and $668.5 million gas project |
| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Northern California Gas Auth's Bond Rtg Unaffected Re Counterparty Outlook Revision Publication date: ##-May-#### Primary Credit Analyst: Kenneth L Farer, New York (#) ###-###-####; kenneth_farer@standardandpoors.c... |
| Word Count: | 441 |
| Issuer: | Northern California Gas Authority No. 1 (Gas Prepay) |
| Sector: | Global Issuers, Structured Finance, Public Finance, Financial Institutions, Insurance, Corporations, Utilities, Asset-Backed Securities, Collateralized Debt Obligations, Real Estate Companies, Asset-Backed Commercial Paper, Commercial MBS, Residential MBS, Gas |
| Country: | United States |
| Region: | United States |
| Format: | 
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