TEXT - S&P says RBC upgrade doesn't affect gas prepays
Dec 14 - Standard & Poor's Ratings Services said today that the outlook revision to stable from negative on The Royal Bank of Canada (RBC; AA-/Stable/A-1+) does not affect the rating or outlook on the following natural gas prepay transactions for which RBC or subsidiary acts as a commodity swap counterparty: -- Central Plains Energy Project (Gas Prepay) series 2012 (A-/Negative); -- Long Beach Bond Finance Authority (Gas Prepay) series 2007A and 2007B (A-/Negative); -- Main Street Natural Gas Inc. (Gas Prepay) series 2006A (A/Negative); -- Northern California Gas Authority No. 1 (Gas Prepay) series 2007A and 2007B (A-Negative); -- Public Authority for Colorado Energy (Gas Prepay) series 2008 (A-/Negative); -- SA Energy Acquisition Public Facility Corp. (Gas Prepay) series 2007 (A-/Negative); -- Salt Verde Financial Corp. (Gas Prepay) series 2007 senior (A-/Negative) and subordinate (B/Negative); -- Tennessee Energy Acquisition Corp. (Gas Prepay) series 2006A (A-/Negative; RBC Europe Ltd. guaranteed by RBC); and -- Tennessee Energy Acquisition Corp. (Gas Prepay) series 2006C (BBB/Developing; RBC Europe Ltd. guaranteed by RBC). For each transaction, the rating is linked to the weakest corporate credit rating (CCR) on the key counterparties and is currently linked to an entity that is rated lower than RBC. Changes to the CCRs on key counterparties rated higher than the prepaid transactions usually have no impact on the transactions, unless the CCRs are lowered to less than the rating on the prepaid transactions.
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