| Title: | Rating On Maritimes&Northeast Pipeline LLC Affirmed At 'A-'; On Watch Neg |
| 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 its 'A-' rating on Maritimes&Northeast Pipeline LLC's (Maritimes-U.S.) $240 million bonds remains on CreditWatch with negative implications. The rating remains on CreditWatch following 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-U.S. must escrow all available cash flow until amounts sufficient to defease the debt obligations are accrued. |
| Brief Excerpt: | RESEARCH Ratings Definitions Rating On Maritimes & Northeast Pipeline LLC Affirmed At '##'; On Watch Neg Publication date: ##-May-#### Primary Credit Analyst: Kenneth L Farer, New York (#) ###-###-####; kenneth_farer@standardandpoors.com... |
| Word Count: | 666 |
| Issuer: | Maritimes&Northeast Pipeline LLC |
| GICS: | Oil & Gas Storage & Transportation (10102040) |
| Sector: | Global Issuers, Utilities, Energy |
| Country: | United States |
| Region: | United States |
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