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Article: Salton Sea Funding's 'BBB-' Debt Ratings Afmd by S&P.
- Article from:
- Business Wire
- Article date:
- July 9, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 7/9/98--Standard & Poor's today affirmed its triple-'B'-minus debt rating on Salton Sea Funding Corp.'s senior secured notes series A, B, C, D, and E. The outlook is stable.
This ratings action follows Standard & Poor's annual review and surveillance of the Salton Sea Funding's project.
The ratings on the notes and bonds issued by Salton Sea Funding Corp., a wholly owned indirect subsidiary of CalEnergy Co. Inc. (double-'B'-plus senior debt), incorporate the following risks:
-- Cash flow strength through 1999 that relies on above-market-priced Standard Offer No. 4 (SO4) power sale contracts with ...