Citing Wall Street’s favorable reaction to its utility “back-to-basics” movement, Spokane, WA-based Avista Corp. was elevated to an investment-grade credit (Baa3), albeit the lowest rung, by Moody’s Investors Service, specifically related to about $90 million of debt by the utility holding company. Concurrently, the rating agency assigned the same rating to Avista’s five-year $350 million committed senior secured credit agreement with a December 2009 maturity.
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Avista Raised to Investment-Grade Credit by Moody’s
Citing Wall Street’s favorable reaction to its utility “back-to-basics” movement, Spokane, WA-based Avista Corp. was elevated to an investment-grade credit (Baa3), albeit the lowest rung, by Moody’s Investors Service on Friday, specifically related to about $90 million of debt by the utility holding company. Concurrently, the rating agency assigned the same rating to Avista’s five-year $350 million committed senior secured credit agreement with a December 2009 maturity.
Yankee Breaks Ground on LNG Peak Shaving Plant
Berlin, CT-based Yankee Gas broke ground Thursday on a new $108 million 1.2 Bcf LNG peak shaving facility at the company’s Eagle Street work center in Waterbury, CT’s south end. The plant, which recently received construction approval from the Connecticut Department of Utility Control, is expected to be in service for the 2007/2008 heating season.
Marathon 4Q Income Falls on Market Constraints, Charges
Citing market constraints and charges, Marathon Oil Co. said its quarterly income fell from a year ago, but the producer was able to beat Wall Street’s expectations. Still, Lehman Brothers downgraded the company, saying it was concerned about recent downward reserve revisions to Powder River Basin and Russian assets.
Rating Agencies Focus on Regulation, Conservative Price Assumptions
Even with the continuing volatile wholesale energy prices, Wall Street rating agencies have come full circle in the past five years, focusing on broad regulation trends and conservative price criteria in assessing energy holding companies and their utility subsidiaries, according to Standard & Poor’s Ratings Services’ San Francisco-based energy industry analyst Swami Venkataraman.
NW Natural Gas Gets Ratings Boost to ‘A+’ from S&P
Showing Wall Street appreciates steady-state natural gas utilities, Standard & Poor’s Ratings Services (S&P) Tuesday increased the credit rating of Portland, OR-based Northwest Natural Gas Co. to “A+” for both its corporate and senior secured debt ratings, and almost as high for its other ratings. All of the levels were raised and the outlook was designated as “stable,” S&P’s San Francisco analyst Swami Venkataraman said.
No Major Gas Price Dampening in Sight: Calpine Executive Says
Reflecting similar sentiments expressed around Wall Street, a Calpine Corp. executive indicated last Tuesday that declining wholesale natural gas prices are not likely to happen anytime soon, and in the longer run, imports of liquefied natural gas (LNG) and eventual Alaskan supplies won’t necessarily dampen prices as many industry observers have been predicting.
No Major Gas Price Dampening in Sight: Calpine Executive Says
Reflecting similar sentiments expressed around Wall Street, a Calpine Corp. executive indicated Tuesday that declining wholesale natural gas prices are not likely to happen anytime soon, and in the longer run, imports of liquefied natural gas (LNG) and eventual Alaskan supplies won’t necessarily dampen prices as many industry observers have been predicting.
Producers Must Pull Weight on Natural Gas Issues, AGA Exec Says
Calling it a two way street, American Gas Association CEO David Parker said natural gas producers should support customer issues such as low-income energy assistance and pipeline safety just as the nation’s natural gas utilities have lent their voice in Congress and elsewhere in support of greater natural gas production to meet growing customer demand.
Producers Must Pull Weight on Natural Gas Issues, AGA Exec Says
Calling it a two way street, American Gas Association CEO David Parker said natural gas producers should support customer issues such as low-income energy assistance and pipeline safety just as the nation’s natural gas utilities have lent their voice in Congress and elsewhere in support of greater natural gas production to meet growing customer demand.