Standard

Given the U.S. government’s stress test assessment that Bank of America (BofA) needs a multi-billion-dollar capital infusion, Standard & Poor’s Ratings Services (S&P) on Wednesday adopted a “negative” credit watch for some of the high-profile public-sector utility long-term natural gas purchases. The gas prepayment deals have been under credit rating downward pressures for the past year (see Daily GPI, Sept. 17, 2008).

While affirming the Iroquois Gas Transmission System LP’s credit ratings (“BBB+”) and positive outlook, Standard & Poor’s Ratings Services noted it will keep an eye on the Northeast interstate natural gas pipeline’s shipper base and cash flow. If they waver S&P said it might consider changes in the ratings and outlook.

Gas-buying plays by public-sector utilities gained some traction in their credit ratings Wednesday as Standard & Poor’s Ratings Services (S&P) raised ratings on four deals while holding the line on a fifth. S&P Tuesday raised the credit rating on Merrill Lynch & Co., which has a role in each of the deals.

Citing the risk of a “prolonged” global economic downturn and the drop in Henry Hub natural gas prices from their summer highs, Standard & Poor’s (S&P) Friday slashed its natural gas prices by $2 to $7/MMBtu for 2009 and 2010, and said that in 2011 and beyond, gas prices would average $6.

Citing the risk of a “prolonged” global economic downturn and the drop in Henry Hub natural gas prices from their summer highs, Standard & Poor’s (S&P) Friday slashed its natural gas prices by $2 to $7/MMBtu for 2009 and 2010, and said that in 2011 and beyond, gas prices would average $6.

With global insurance provider American International Group (AIG) continuing to cast a dark shadow over Wall Street, Standard & Poor’s Ratings Services (S&P) Thursday said it was changing the outlook on two major Southern California-based municipal utility natural gas 20-year prepay deals in which AIG has a key role in underpinning more than $1 billion worth of bonds.

Strong support by descendants of John D. Rockefeller, who founded forerunner Standard Oil, failed to persuade ExxonMobil Corp. shareholders last week to vote in favor of creating an independent chairman. Shareholders also defeated measures that would have required the oil giant to set goals to reduce greenhouse gas (GHG) emissions.

Strong support by descendants of John D. Rockefeller, who founded forerunner Standard Oil, failed to persuade ExxonMobil Corp. shareholders Wednesday to vote in favor of creating an independent chairman. Shareholders also defeated measures to require goals to be set to reduce greenhouse gas (GHG) emissions.

Following Cheniere Energy’s recent announcement that it is negotiating a deal to outsource the marketing of liquefied natural gas (LNG) at its Sabine Pass terminal, Standard & Poor’s (S&P) Ratings Services said it has placed its ‘B’ corporate credit rating on LNG developer Cheniere Energy and its ‘BB’ senior secured rating on subsidiary Sabine Pass LNG LP on CreditWatch with negative implications.