S&P Credit Research



Title:

Research Update: Maritimes&Northeast Pipeline LP Rating Affirmed At 'A'; Excess Cash Escrowed

Price:$175.00
Publication Date:May 02, 2008
Report Type:Research Update
Abstract:On May 2, 2008, Standard&Poor's Ratings Services 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 quite negative. However, the
Issuer:Maritimes&Northeast Pipeline LP
GICS:Oil & Gas Storage & Transportation (10102040)
Sector:Global Issuers, Structured Finance, Corporations, Utilities, Asset-Backed Commercial Paper, Metals & Mining, Gas, Electric, Energy
Country:Canada
Region:United States
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S&P Credit Research

S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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