If the United States wants to maintain its current standard of living, it will have to become a bigger player in the global gas market by importing more liquefied natural gas (LNG), Federal Reserve Chairman Alan Greenspan told a House panel Tuesday.
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S&P Drops Mirant’s Rating on Debt Restructuring Plan
Standard & Poor’s Ratings Services (S&P) dropped Mirant Corp. ratings lower into junk territory Tuesday, following on the company’s announcement late Monday of a debt restructuring plan that it said also could serve as a pre-packaged Chapter 11 bankruptcy filing if lenders did not cooperate. S&P cut the corporate credit rating and senior unsecured debt ratings on Mirant and its subsidiaries to ‘CCC’ from ‘B’.
S&P Removes Williams from CreditWatch
Standard & Poor’s Ratings Service (S&P) on Friday affirmed its “B+ long-term corporate credit rating on The Williams Cos. Inc., and removed the company and its subsidiaries from CreditWatch with negative implications, where they were placed July 23, 2002. S&P kept its negative outlook on the company.
DOE: Net Benefit of FERC’s SMD $1B Annually Over First 6 Years
The net benefit for all consumers if FERC’s proposed standard market design (SMD) is implemented is about $1 billion per year over the first six years it is in place after factoring in the estimated $760 million per year in regional transmission organization (RTO) costs, a new study issued by the Department of Energy (DOE) concludes.
Northeast, Midwest Power Markets Seen Advancing
Irrespective of what happens to FERC’s controversial standard market design (SMD) for U.S. wholesale power markets, at least two market participants believe that power markets in the Midwest and Northeast will continue marching forward.
S&P Says CMS Showing Signs of Improvement
With “moderate” improvement in its liquidity and a lengthened debt repayment plan, Standard & Poor’s Ratings Services (S&P) on Wednesday assigned a “BB” rating to CMS Energy Corp.’s new $925 million credit facilities.
S&P Believes Dynegy Making Progress on Liquidity, Strategy
Dynegy Inc. is making progress on two fronts: liquidity and reshaping its business strategy, according to a report issued by Standard & Poor’s RatingsDirect (S&P). The former energy merchant also has moved forward in the board room, after naming three new directors Thursday.
Aquila Refinancing Fails to Allay S&P’s Concerns
While a $630 million refinancing package on Friday is a step in the right direction for Aquila Inc., Standard and Poor’s said it’s certainly not enough to offset the significant asset sales risks and desperate cash flow needs of the company. S&P cut Aquila’s corporate credit rating Friday to “B” from “B+.” It assigned a “B+” rating to Aquila’s new three-year $430 million senior secured credit facility. Aquila got a one-year $200 million loan for its Australian subsidiary, UtiliCorp Australia Inc.
S&P: Next Few Weeks ‘Crucial’ For Aquila
Aquila Inc.’s financial struggles are far from over, according to a report published Thursday by Standard & Poor’s Ratings Services (S&P). Analysts noted that the Kansas City-based utility has several serious concerns ahead, including the maturity of its credit facility in mid-April and a cash drain from natural gas prepay contracts and tolling agreements.
S&P: Next Few Weeks ‘Crucial’ For Aquila
Aquila Inc.’s financial struggles are far from over, according to a report published Thursday by Standard & Poor’s Ratings Services (S&P). Analysts noted that the Kansas City-based utility has several serious concerns ahead, including the maturity of its credit facility in mid-April and a cash drain from natural gas prepay contracts and tolling agreements.