S&P cuts Main Street Natural Gas, Ga., bonds to A

Standard & Poor's said it lowered its senior secured debt rating to A from A+ on the $496.71 million of series 2007A tax-exempt revenue bonds from Main Street Natural Gas Inc., a special-purpose vehicle established by the Gas Authority of Georgia.

The rating was lowered because S&P downgraded XL Capital Assurance Inc., which provides debt service coverage for the bonds if a municipal participant defaults.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.