S&P: Selkirk bonds unaffected

Standard & Poor's said that the recent announcement by National Energy & Gas Transmission Inc. (D/--/--) of its agreement to sell National Energy Power Co. LLC through which NEGT holds interest in Selkirk Cogen Funding Corp. (BBB-/stable) to Denali Power LLC will not affect the rating on Selkirk Cogen's bonds.

S&P said it believes that Arc Light and Caithness will be able to manage the administrative functions of the project and carry out the duties as managing general partner. Currently, the personnel of the cogen-host GE plastics plant carry out the plant's day-to-day operations and are expected to continue to do so after the consummation of the transaction.

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