Moody's puts $3.5 billion of gas revenue bonds on negative watch

Moody's Investors Service said it placed about $3.5 billion of gas prepayment bonds from four issuers on review for possible downgrade.

The bonds were put on review after XL Capital Assurance's insurance financial strength rating was downgraded to A3 from Aaa.

The affected bonds include $1.1 billion of bonds, series 2007 A through 2007 D, issued by Long Beach Bond Finance Authority, Calif.; $729,623,000 of bonds from San Antonio's SA Energy Acquisition Public Facilities Corp.; $315 million of bonds (Municipal Gas Authority of Georgia Project), series 2007A-1 through 2007A-4, from Main Street Natural Gas Inc.; and Clarksville City Natural Gas Acquisition Corp. series 2006 bonds.

The SA Energy bonds have an Aa3 rating. The other issuers' bonds have ratings of A1.

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