| Title: | Maritimes&Northeast Pipeline LP Rating Affirmed; Excess Cash Is Escrowed |
| 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 affirmed its 'A' rating on Maritimes&Northeast Pipeline LP's (Maritimes-Canada) C$260 million bonds. The rating affirmation follows the disclosure that an Independent Reserve Engineer's (IRE) report, prepared as required under the company's debt obligations, found that natural gas deliveries from the Sable Offshore Energy Project (SOEP) are projected to be below mandated levels. Due to the IRE's expectation that the SOEP region will deliver less gas than required to avoid an escrow of available cash flow under the project indenture, Maritimes-Canada must escrow all available cash flow until amounts sufficient to defease the debt obligations are accrued. The conclusions in the IRE's report appear to be |
| Brief Excerpt: | RESEARCH Ratings Definitions Maritimes & Northeast Pipeline LP Rating Affirmed; Excess Cash Is Escrowed Publication date: ##-May-#### Primary Credit Analyst: Kenneth L Farer, New York (#) ###-###-####; kenneth_farer@standardandpoors.com... |
| Word Count: | 659 |
| Issuer: | Maritimes&Northeast Pipeline LP |
| GICS: | Oil & Gas Storage & Transportation (10102040) |
| Sector: | Global Issuers, Utilities, Energy |
| Country: | Canada |
| Region: | United States |
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