Ratings

In the first quarter of 2006, global project finance continued the trend of being a high quality and relatively stable sector for investors as reflected in the high percentage of investment-grade ratings and stable outlooks. In North America, our rated portfolio has even improved slightly. Overall, approximately 65% of the project finance transactions possess investment-grade status and around 69% have stable outlooks.

The remainder of 2006 is showing signs of robust activity for new transactions globally. Basic infrastructure projects, ethanol plants, and power facilities are currently the predominant transactions seeking financing. In addition, in the U.S., there is a growing interest in prepaid gas and electric transactions with the potential for more than six of these transactions being rated in 2006. Outside of the U.S., the number of education, hospital, transportation, and other private public partnership (PPP) projects has been increasing and the trend is expected to continue in the near and longer term future.

Of the 38 projects without a stable outlook, 17 projects have a negative outlook, eight ratings are on CreditWatch with negative implications, nine have a positive outlook, and four ratings are on CreditWatch with positive implications.

In the Asia-Pacific market for the second quarter of 2006 there has been minimal change to existing project ratings. The one exception is the rating on Transurban Finance, which was placed on CreditWatch with negative implications following Transurban's acquisition of the U.S.-based Pocahontas Parkway toll road. As expected, activity was dominated by prospective PPP transactions, particularly in the Australian market as federal and state governments increase their desire to replace, upgrade, or introduce new social and economic infrastructure. We expect this trend to continue in the second half of 2006, with a number of new infrastructure and capital expenditure spending initiatives being announced by a number of Australian state governments in their recent annual budgets, which should add further impetus to the PPP sector. In the coming months, infrastructure activity is likely to increase with a short list being announced for consortiums biding for the A$850 million Royal Children's Hospital Melbourne redevelopment and as bidding for the expanded RailCorp transaction and Sydney Light Rail transaction closes in the near future. A significant event this quarter was MPC Funding Ltd.'s A$192 million bond issuance. The bonds form part of the A$480 million senior secured debt expected to be raised by MPC Funding over the next two years to finance the construction of the 5,000-seat Melbourne Convention Centre project. We assigned a preliminary 'AAA' rating to the bonds based on an unconditional and irrevocable guarantee from Financial Security Assurance Inc. At the same time, we assigned a preliminary 'BBB' underlying rating, with a stable outlook, to the bonds to reflect the project's credit risk without the benefit of the financial guarantor.

Table 1  |  Download Table

Issuer/Rating*/Comments	Analyst
Oil and gas/refining/petrochemical/shipping
Aventine Renewable Energy Holdings Inc. (Illinois, U.S.) ( B+/Stable )
In July 2006, Aventine tendered $155 million of its $160 million term loan outstanding. Aventine funded the tender from the $261.9 million of net proceeds from its June 29, 2006 IPO. The remaining $5 million is now unsecured. The decrease in leverage has dramatically improved the company's ability to service debt going forward. However, the rating remains restricted by the company's ability to incur additional amounts of debt without restriction. In the current high-ethanol, low-corn price environment, Aventine has realized profitable margins. However, the risk of industry overbuild, leading to depressed ethanol prices, could significantly decrease these margins.	Elif Acar
Cheniere LNG Holdings LLC (Texas, U.S.) ( BB/Watch Neg )
Ratings were placed on CreditWatch with negative implications on July 25, 2006 following parent Cheniere Energy Inc's announcement on July 21, 2006, that Cheniere LNG Holdings' (CLH) wholly owned limited partnership, Sabine Pass LNG L.P. had closed an amended and restated $1.5 billion senior secured credit facility to finance the proposed expansion of the Sabine Pass LNG terminal (Sabine Pass) to 4 billion cubic feet (bcf) per day from the original 2.6 bcf/day. This increase in secured debt at Sabine Pass LNG, without commensurate additional contracted cash flow, will significantly lower debt service coverage ratios on a consolidated basis. Standard & Poor's will analyze CLH's new consolidated financial profile, including the construction risks associated with the proposed expansion at Sabine Pass, before making a final rating determination.	Swami Venkataraman
Coffeyville Resources LLC (Kansas, U.S.) ( B+/Stable )
Healthy crack spreads have resulted in robust results at Coffeyville. Most recent data show strong operating and financial results driven primarily by improved pricing in the crude markets and management focus on operations. With tight demand supply balance for refined products and high crude prices, crack spreads should remain strong for the foreseeable future.	Chinelo Chidozie
Conproca S.A. de C.V. (Mexico) ( BBB/Stable )
The rating on Conproca's bonds reflects the creditworthiness of investment-grade offtaker, Mexican state-owned oil company PEMEX and its refinery unit. PEMEX has not issued Cadereyta's final acceptance due to construction-related disputes between PEMEX and Conproca regarding change orders and delay claims. These disputes are currently under scrutiny at the International Court of Arbitration of the International Chamber of Commerce and could be resolved until 2007. Although unexpected, a ruling against Conproca would not release PEMEX from its debt obligations associated to the bond issue. To date, Conproca has met all scheduled interest payments, and principal on the bonds will be paid in five semiannual installments beginning in June 2008. The next interest payment is scheduled for December 2006.	Luis Manuel Martínez
Deer Park Refining L.P. (Texas, U.S.) ( A/Stable/A-1 )
Standard & Poor's expects Deer Park to continue to benefit from wide refining margins in the near term, resulting in strong profitability. An amended partnership agreement allows for more flexibility in distributions, but the sponsors must keep cash at Deer Park equal to principal due over the next 12 months. Given strong refining margins, the project has been able to generate ample cash flow to meet its internal requirements and still fund sizeable distributions. However, in 2007, the project faces a maturing $100 million partner-provided note and a maturing revolving credit facility, as well as higher capital-expenditure and turnaround needs. As a result, Deer Park will need to monitor its liquidity into 2007, especially if margins deteriorate.	Ben Tsocanos
Delek & Avner - Yam Thethys Ltd. (Israel) ( BBB-/Stable )
Following weaker than anticipated debt service coverage ratios (DSCR) in the final quarter of 2005 (1.13x which triggered the dividend lock up at 1.25x), the project proceeded to improve its DSCR levels to 1.35x in the first quarter of 2006 helped by a recovery in the performance of the Eshkol turbine as well as improvements due to seasonality. This was still, nevertheless, lower than the base case forecast for the quarter of 1.53x. Second quarter DSCR is expected to drop to 1.15x again triggering the dividend lock up. The main reasons as discussed previously relate to the delays at Reading. The problems at Reading have now been resolved and deliveries commenced in the first week of July. Third quarter DSCRs are projected to improve substantially to 1.71x as a result. The permanent onshore receiving terminal is on track for commissioning in the first quarter of 2007.	Karim Nassif
Excel Paralubes Funding Corp. (Louisiana, U.S.) ( A-/Stable )
Excel Paralubes continues to be among the most profitable and competitive base oil manufacturers in the U.S.; a low-cost producer in a market where high cost producers set prices. Standard & Poor’s expects the project's solid performance to continue. Excel Paralubes' competitive position is further enhanced by its ability to produce higher-grade Group II lube base oil, the fastest growing segment in the base lube oil market. The plant is back to full operation following a February 2006 fire at the facility, and Standard & Poor’s expects minimal effect on cash flows due to healthy base lube margins.	Chinelo Chidozie
Hovensa LLC (U.S. Virgin Islands) ( BBB/Stable )
The unscheduled outage of the fluid catalytic cracking unit in March and April 2006 reduced rates for the first half 2006, but all units are back to normal operation. The low sulfur diesel unit started up in June 2006, and the low sulfur gasoline unit remains scheduled for a January 2007 completion. The sponsors continue to demonstrate conservative financial management. There is a potential for Hovensa to incur a modest level of new tax-exempt debt through the U.S. Virgin Islands. In 2005, utilization rates were 93% for the coker, and 92% for the crude units. Financial performance remains sound, with a debt service coverage ratio above 30x for the year ended March 31, 2006.	Terry A. Pratt
Nordic Biofuels of Ravenna LLC (Nebraska, U.S.) ( B/Stable )
Construction began on the project in September 2005, with completion expected for May 2007. Progress has slightly deviated from the baseline schedule, but this should not have an effect on final completion.	Elif Acar
Northeast Biofuels LLC (New York, U.S.) ( B+/Stable )
Northeast Biofuels intends to construct an ethanol facility in Fulton, N.Y., with a nameplate capacity of 100 million gallons per year. Construction is scheduled to be completed by Dec. 31, 2007.	Daniel Welt
Petrozuata Finance Inc. (Venezuela) ( B+/Watch Neg )
Petrozuata’s credit rating remains under downward pressure due to the potential for credit deterioration if the Venezuelan government presents a large tax or royalty bill to the project due to what it may consider Petrozuata’s production in excess of contractual limits and use of nonassociated natural gas. The government reported recently that its assessment for Petrozuata is continuing. Petrozuata continues to generate strong cash flow in a high oil price environment. The debt service coverage ratio was very solid at about 4.8x for the 12 months ended March 31, 2006.	Terry A. Pratt
Phoenix Park Funding Ltd./Phoenix Park Gas Processors Ltd. (Trinidad & Tobago) ( A-/Stable )
The project has closed on most of its $185 million debt issuance to support gas processing expansion that will be built by Black & Veatch under a lump sum contract, with completion expected by the first quarter of 2008. Financial performance will continue to be strong in the current product price environment. Recent on-stream factors have been about 98% and propane recoveries about 93%. Project debt service coverage ratios were 6.7x for the 12 months ended March 2006 and 6.9x in 2005 supported by high prices.	Terry A. Pratt
Pine Prairie Energy Center LLC (Louisiana, U.S.) ( B+/Stable (prelim) )
Construction has begun in earnest at the project after experiencing initial delays with the arrival of the cavern drilling rigs. When completed in 2009, this high-performance underground salt cavern natural gas storage development is expected to have a total of 24 billion cubic feet (bcf) of working gas storage capacity. On a partial basis, 4.5 bcf is expected to be available in the second quarter of 2007. The project has a five-month cushion built into the construction schedule, and therefore is still on schedule.	Chinelo Chidozie
Port Arthur Finance Corp. (Texas, U.S.) ( BBB/Watch Pos )
As a wholly owned subsidiary of The Premcor Refining Group, ratings on Port Arthur Finance were raised when Valero Energy Corp bought Premcor in August 2005 to track those of the new parent. As a result, Port Arthur Finance’s rating will rise and fall along with Valero's senior unsecured rating.	John Thieroff
Phoenix Park Gas Processors Ltd. (Trinidad & Tobago) ( A-/Stable )
See Phoenix Park Funding.	Terry A. Pratt
Ras Laffan Liquefied Natural Gas Co. Ltd. (Qatar) ( A/Stable )
Ras Laffan's excellent financial performance has exceeded pro forma numbers over the past three years and will likely continue to be well above initial estimates in the near term. Debt service coverage was 9.6x for the year ended March 31, 2005, and was about 8.5x in 2005 and 5.73x in 2004. RasGas II trains 3 and 4 are operational, and train 5 is likely to be commissioned by end of first-quarter 2007.	Terry A. Pratt
Ras Laffan Liquefied Natural Gas Company Ltd (II) and Ras Laffan Liquefied Natural Gas Company Ltd (3) ( A/Stable )
For RasGas II, the Petronet contract is operating effectively and deliveries to Endesa in Spain are going according to plan. Sales and operating profits continue to be slightly above base case forecasts in the first quarter of 2006 helped the high oil price climate which has benefited spot sales particularly. For RasGas 3, the company signed a new 25-year agreement with Chinese Petroleum Co. (CPC) to supply liquefied natural gas commencing in 2008 with the destination being Taiwan. We consider that the new contract with CPC, in addition to a 25-year take-or-pay agreement already signed with an Exxon Mobil affiliate to purchase the remaining output from trains 6 and 7, should ensure adequate offtake contracts. Engineering, procurement, and construction onshore and offshore contracts for Trains 6 and 7 have also been signed with Chiyoda-Technip and J Ray McDermot with construction currently on schedule.	Karim Nassif
Other
Ajman Sewerage (Private) Co. Ltd. (United Arab Emirates) ( AAA (insured); BBB (SPUR)/Stable )
Financial restructuring was completed in March 2006, and construction has been remobilised with 1,000 contractors now working on site. Project completion of the primary treatment works is April 2007, with all construction completed by October 2008. Payment collection continues to improve with 86% of 1st installments and over 70% of second installments paid, ahead of anticipated levels upon the release of the ratings.	Paul Lund
Alpha Schools (Highland) Project PLC (U.K.) ( AAA (insured); BBB/Stable (SPUR) Prelim )
The project reached financial close in April 2006 and work has commenced on site for seven out of the 10 projects. At this stage it is too early to note any particular trends in the works program. The acquisition of Morrison by Galliford Try has continued to be executed during this time with no apparent downside to the continuity or support to the project.	Jonathan Manley
Aspire Defence Finance PLC (U.K.) ( AAA(insured) prelim; BBB- (SPUR)/Stable )
Aspire Defence will design, build, finance and operate new living and working accommodation for the U.K.'s Ministry of Defence and provide support and estate management services under a 35 year concession agreement under the program. Preliminary ratings were assigned in March 2006 and work has commenced on the extensive construction requirement. At the same time, Carillion PLC has completed the acquisition of one of the original sponsors, Mowlem PLC, with no adverse effect on the project.	Jonathan Manley
Austin Convention Ctr Enterprises Inc (Texas, U.S.) ( BBB-/Stable )
The Austin convention center headquarters hotel opened in Austin, Texas in December of 2003 and is managed and operated by Hilton. Since the market slowdown in 2002-2003 the hotel's occupancies and rates have been rebounding strongly in the first half of 2006. As of March 2006, year to date revenue per room was about 33% higher than original projections and debt service coverage is at 1.77x. Standard & Poor's will continue to monitor the hotel's performance and forward bookings.	Jodi Hecht
Baltimore Hotel Corporation (Maryland, U.S.) ( BBB-/Stable )
Construction began in February 2006 of the 756-room convention center hotel located in downtown Baltimore adjacent to the Baltimore Convention Center. The hotel, which will be operated by Hilton, is scheduled to open in April 2008. Construction appears to be on schedule and budget despite increased soil remediation required during the excavation phase. The second phase of permitting was approved by the city, and the full permitting is expected to be complete in September 2006.	Jodi Hecht
California Petroleum Transport Corp. (California, U.S.) ( A-/Stable )
Chevron terminated its charter on the single-hull vessel, Virgo Voyager, effective April 1, 2006 and paid a termination fee of $5.05 million. The 'A-' rating on the term notes was affirmed based on Frontline's proposed plan to recharter the Virgo vessel under similar terms for two years and promise to pay the charter payments upfront, about $5.05 million. Frontline presented to us that, with the existing cash on the balance sheet, the total amount of cash collateral is expected to be about $12.5 million. We believe that the project will be able to fully meet debt service with the cash balance, interest earnings, and revenues from the other three charters with Chevron. If the reserved cash balance is less than the amount of expected cash balance presented to us by Frontline at the time of the rating affirmation, we may downgrade the company or withdraw the ratings.	Elif Acar
Capital Hospitals (Issuer) plc - Barts (U.K.) ( AAA prelim (insured); BBB-/Stable SPUR )
The financing of largest private finance initiative hospital project, the Royal London Hospital and St Bartolomew's hospital in London undertaken in the U.K. to date reached financial close in April 2006. Given the complex, multi-phase, inner-London, high-rise building program which has greater than normal logistical risks and risks of delay and cost overruns and a large reliance on build contractor Skanska Major Projects, Standard & Poor's will continue to monitor the construction program closely. The project is strategically important and high profile, which should ensure sufficient support from the host of agencies that will interface with the project during its construction and operation.	Jonathan Manley
Catalyst Healthcare (Manchester) Financing PLC (U.K.) ( AAA (insured); BBB/Stable (SPUR) )
The 4.5-year construction project is among the most complex we have seen in healthcare project finance sector. In its first year of construction, the project encountered significant delays on key program milestones. These delays and initial hiccups were largely a result of inappropriate project management. An effort is now underway to get the program back on track, with a reprograming of the construction schedule and additional resources being put in on the main building. Bovis has taken responsibility for the delays and accept their liability relating to these. New completion dates have been defined, and Bovis is paying liquidated damages for the same. The delays are not likely to affect overall project time frame materially. However, the constrained site and the extensive linkages between different phases of the construction program pose some challenges in getting construction back on schedule.	Jonathan Manley
Catalyst Healthcare (Romford) Financing PLC (U.K.) ( AAA(insured); BBB/Stable (SPUR) )
Construction is progressing ahead broadly as per plan. Currently the project is one week behind in terms of critical plan; however there remains confidence that the works will be completed by the due date of October 16, 2006. Selection and procurement of equipment is on track. Provision of interim services is very good and to the trust’s satisfaction. Selection and procurement of equipment is on track. Loan stock and mezzanine draw dawns took place in accordance with the modeled dates and amounts. The relationships with the trust are very good.	B. Sperling-Tyler
Central Nottinghamshire Hospitals PLC (U.K.) ( AAA prelim (insured); BBB/Stable prelim (SPUR) )
Works completed so far are valued at £77 million, representing 25.8% of project cost. This includes £42 million of works done before financial close. Broadly the construction program is moving on schedule and drawdowns have been as per plan. Claims for liquidated damages were made for the delayed completion of the Pathology section, but the building was been handed over on July 4, 2006. Interim services are being delivered, with minimal deductions. Cash flows are broadly following the financial forecast.	Jonathan Manley
Colowyo Coal Funding Corp. (Wyoming, U.S.) ( BB/Negative )
Debt service coverage for 2005 was 1x and is expected to be 1x for 2006. At the end of first quarter of 2006, the debt service reserve balance was about $22 million in the form of an LOC and about $56,000 in cash. The project reported no force majeure claims from its offtakers for this period.	Daniel Welt
Consort Healthcare (Birmingham) Funding PLC (U.K.) ( AAA (insured) prelim; BBB- (SPUR)/Stable )
Consort Healthcare (Birmingham) Ltd. will design, construct, refurbish, and operate various health care facilities for the University Hospital Birmingham Foundation Trust and Birmingham and Solihull Mental Health Trust under a project agreement with a term of 40 years and two months. Preliminary ratings were assigned in June 2006 and work has commenced on site.	Jonathan Manley
Coventry & Rugby Hospital Co. PLC (U.K.) ( AAA (insured); BBB/Stable (SPUR) )
The trust, UHCW, has submitted its formal application for foundation trust status in June 2006. In respect of the primary care trust, a request has been made to the Secretary of State to establish a new trust that will provide mental health learning disability and substance misuse services to Coventry and Warwickshire. The recommendation is that it will take on the provider responsibility for all aspects of mental health services currently provided by Coventry PCT including the Walsgrave MHU. The Coventry PCT will not be disestablished and will continue in its present form. Work has continued on the remedial works in the MHU, and in general, construction is largely on target.	Jonathan Manley
Denver Convention Center Hotel Authority (Colorado, U.S.) ( BBB-/Stable )
The hotel located in downtown Denver, Colo. opened successfully in December 2005 slightly ahead of schedule. Ramp-up continues, led by sales growth from strong group business bookings and improved food and beverage contributions. The current forward bookings comprise between 35%-58% of the forecast and the year to date revenue per available room was slightly higher than forecast. The short-term focus remains on room rate and occupancy levels of the future bookings during the critical four year ramp-up period.	Jodi Hecht
Education Support (Enfield) Ltd. (U.K.) ( A/Stable )
The school continues to operate in a stable fashion, and no significant incidents have been reported.	Jonathan Manley
EES Coke Battery LLC (Michigan, U.S.) ( BBB-/Stable )
EES Coke is generating ample cash flow due to strong coke pricing and good operations. Funds from operations debt service coverage continues to be over 4x. Given a coke sales contract with Mittal Steel USA Inc., EES Coke should generate ample cash to service debt through maturity in April 2007.	Scott Taylor
Exchequer Partnership PLC (No. 1) (U.K.) ( AAA (insured) )
In result of the recent shareholding changes, the current ownership is Infrastructure Investors (50%), Bovis Lend Lease (25%), and Catalyst Investment Holdings (25%). There have been no resulting management changes. Shared services are being provided under the terms of the EP1 contract, and Her Majesty's Revenue & Customs under the terms of the EP2 contract. The performance is very good, with minimal deduction levels. The project is performing in line with the base case. Following the major insurance renewal last year, some insurance contracts have recently been renewed, but with no increases in the insurance premia.	B. Sperling-Tyler
Exchequer Partnership PLC (No. 2) (U.K.) ( AAA (insured); BBB+/Stable (SPUR) )
In result of the recent shareholding changes, the current ownership is Infrastructure Investors (40%), Bovis Lend Lease (25%), and Catalyst Investment Holdings (25%), and Stanhope (10%). There have been no resulting management changes. Shared services are being provided under the terms of the EP1 contract, and Her Majesty's Revenue & Customs under the terms of the EP2 contract. The performance is very good, with minimal deduction levels. The project is performing in line with the base case. Following the major insurance renewal last year, some insurance contracts have recently been renewed, but with no increases in the insurance premia. In any case, EP2's exposure to insurance risk is capped due to the insurance risk sharing mechanism in place with the authority.	B. Sperling-Tyler
Golden State Petroleum Transport Corp. (Delaware, U.S.) ( BB+/Stable )
No termination notice from Chevron has been received for the termination option coming up in December 2006. All vessels will maintain existing charters with Chevron for another two years. Charter payments are currently below market; one-year time-charter rates for VLCCs averaged about $62,000 in 2005. Through 2007, Chevron Transport will pay fixed bare boat charter rate of $27,199 (plus an estimated $10,000 for crew cost) per day per vessel so Chevron's cost is still below market. However, breakeven charter hire rates are higher than historical lows. Breakeven rates are about $30,000 per day per vessel.	Elif Acar
Health Management (Carlisle) PLC (U.K.) ( AAA (insured) )
The project is stable and performing in line with the revised base case. The soft and hard facilities management services continued to be performed to a high specification by provider, Interserve, with negligible abatements attracted, it is expected this high standard of operational performance will be maintained throughout the next quarter. The 2-star NHS Carlisle Trust is performing well, in line for a 3-star rating this year had the star system not been abolished. The trust is considering a foundation trust application in 2008. The project company's relations with the trust continue to be healthy. The recent demerger announcement of AMEC Plc is unlikely to have an effect on the shareholding structure although Standard & Poor's will continue to surveil this in light of any forthcoming clarifications and the ultimate finalization of the demerger.	Jonathan Manley
Healthcare Support (Newcastle) Finance PLC (U.K.) ( AAA (insured); BBB-/Stable (SPUR) )
At the end of June 2006, just over a year into the construction program, works at both sites (Freeman and RVI) were on schedule. Phase II is almost completed, and it will probably be finished at the end of August 2006 (six months early). The completion of key works packages such as demolition, earthworks, substructures of the Renal and North Cancer Centre Treatment units, and the renal unit superstructure will likely enable construction to progress on, or ahead of, schedule in the coming months. Relations with the trust are good.	Robert Bain
The Hospital Co. (QAH Portsmouth) ( AAA (insured); BBB/Stable (SPUR) prelim )
Demolition works were finished last month as part of the Phase 1. This phase also comprises a new building of rehab, pathology and mortuary, which is expected to be finished during the next 11 months. However, all phases can commence simultaneously and have a degree of flexibility in them, and the ring fenced nature of unforeseen works. There is no project reliance on unitary payments in the construction phase in terms of interim milestones, but rather interim services that provide some income during construction.	Jonathan Manley
InspirED Education (South Lanarkshire) PLC ( AAA (insured);BBB- (SPUR) prelim/Stable )
A preliminary 'AAA' long-term insured debt rating and preliminary 'BBB-' underlying long-term rating has been assigned to the project. The funds will be used to design, build, finance, and operate a range of facilities to support the South Lanarkshire Secondary Schools project, a U.K. government private-finance initiative which comprises 19 secondary schools in the Lanarkshire region of Scotland, and will operate under a 33-year concession.	Jonathan Manley
Integrated Accommodation Services PLC (U.K.) ( AAA (insured); A/Stable (SPUR) )
Full services have been provided for more than a year with minimal availability or performance deductions. The first redecoration will start in April 2007 on a rolling program through to March 2008. The project has suffered, owing to insurance costs above those forecast in the base case. To date, however, the financial effect of these increasing insurance costs has been moderated by financial income arising from judicious treasury management. Land sales are complete with the exception of Oakley Plot 2.	Robert Bain
Lombard Public Facilities Corp. (Illinois, U.S.) ( A (insured) )
The rating reflects the guaranty of payment from ACA Financial Guaranty Corp. Bonds were issued to fund a portion of the costs of a 500-room conference center and hotel, which is currently under construction in Lombard, Ill. The hotel will be operated under a Westin flag and is expected to be completed in 2007.	Jodi Hecht
Maxon Atlantic Station (Georgia, U.S.) ( BBB/Stable )
The Maxon Atlantic project reached commercial completion in early October. The Atlantic Station Development is ahead of schedule in ramp up and 2006 debt service coverage for is likely to exceed financing-closing projections.	Arthur Simonson
Metropolitan Biosolids Management (Illinois, U.S.) ( BBB/Stable )
Eighty percent of the facility’s mechanical and electrical design was completed at the end of March 2006. Construction continues on schedule and within budget, with no recent reports of delays. Construction should be completed by April 2007, with the acceptance date form the district scheduled for October/November 2007.	Elif Acar
MGTI Finance Co. Ltd. (Indonesia) ( B+/Stable )
MGTI has received all investor revenue payments from PT Telekomunikasi Indonesia Tbk. on time. MGTI's debt service coverage ratio is expected to remain stable at 1.2x for 2006. MGTI has no direct exposure to operational and construction risks.	Cheow Hon Lee
MPC Funding Ltd. (Australia) ( AAA(prelim)/Stable )
A preliminary ‘AAA’ issue rating was assigned to the A$192 million bond issuance by MPC Funding Ltd., based on an unconditional and irrevocable guarantee from Financial Security Assurance Inc. The bonds form part of the A$480 million senior secured debt expected to be raised by MPC Funding over the next two years to finance the construction of the 5,000-seat Melbourne Convention Centre project. At the same time, the A$192 million bonds were assigned a preliminary Standard & Poor’s rating of ‘BBB’ stable. The underlying rating reflects the credit risk of the project without the benefit of the financial guarantor.	Parvathy Iyer
NewHospitals (St. Helens and Knowsley) Finance PLC ( AAA prelim (insured);BBB (SPUR)/Stable )
A preliminary ‘AAA’ insured and preliminary ‘BBB’ underlying rating have been assigned to the project. The funds will be used to finance the design, construction, and maintenance of hospital facilities at two sites for the St. Helens and Knowsley Hospital Trust, under a 41.23-year private finance initiative concession agreement.	Jonathan Manley
Octagon Healthcare Funding PLC (U.K.) ( AAA (insured); BBB (SPUR)/Watch Neg )
On July 10, 2006, we downgraded Octagon to ‘BBB’ from ‘BBB+ and put the rating on the CreditWatch with negative implications due to our concerns in respect of the project company's failure to manage the debt service reserve requirement. The project currently maintains a three month debt service reserve, which is lower than the six months specified in the collateral deed. Octagon is currently working to put a LOC or other liquidity in place. Should the required additional liquidity be obtained within the next 90 days, we would likely remove the rating from CreditWatch. The downgrade does not reflect the performance of the project, which remains strong and largely in line with the refinancing model adopted in November 2003. Operations are stable, with no deductions. The market testing exercise has now been completed. The best price was offered by the incumbent, Serco Ltd., who on Aug. 14, 2006 will officially be reappointed as soft facilities management provider for the next five years. The £0.6 million variation, Big C Cancer Information Centre, was completed in January 2006, and started operations in April.	B. Sperling-Tyler
Phoenix Downtown Hotel Corp. (Arizona, U.S.) ( AAA (insured) )
The rating reflects the guaranty of payment by Financial Guaranty Insurance Co. The Phoenix Downtown Hotel Corp. is using bond proceeds to build a 1,000 room hotel in downtown Phoenix, Ariz. The hotel will be operated under a Sheraton flag and is scheduled to open in 2008.	Jodi Hecht
RMPA Service PLC (U.K.) ( AAA (insured); BBB-/Stable (SPUR) )
Construction is progressing well. RMPA expects that construction of phase 1 will be completed in mid-July 2006, i.e., three months ahead of the timetable. Decant could then take place theoretically at end August 2006. Phase 2 construction will start immediately after phase 1 is completed, so also ahead of the timetable. Atkins design processes for Phase 2 are sufficiently advanced to support the construction program. Phase 2 module units are stockpiled on site. Service delivery is working very well, with very low levels of performance deductions.	B. Sperling-Tyler
San Antonio Convention Center Hotel Finance Corporation (Texas, U.S.) ( BBB-/Stable )
The 1,000 room convention center headquarters hotel is under construction in San Antonio, Texas. Mass excavation, concrete and other mechanical, engineering, and plumbing work continues as of May 12, 2006. Construction has not seriously deviated from schedule or budget. The hotel is projected to open in 2008 and will be operated by Hyatt Corp.	Jodi Hecht
Services Support (Manchester) Ltd (U.K.) ( BBB/Stable )
Construction of Bolton and Chadderton sites was going about four weeks ahead of schedule with anticipated completion on Aug. 28, 2006 for Bolton and Sept 25, 2006 for Chadderton. Overall 95% of the project construction works were completed as at first week of July 2006. Decanting on Bolton expected to last three weeks and to be completed by Sept 18, 2006 while decanting at Chadderton should take two weeks and should be completed by Oct. 9, 2006. No significant service deductions have taken place over the last six months. Only a £10k in January 2006 deduction has been reported to date; otherwise the project is meeting the benchmarks set.	Karim Nassif
Transform Schools (North Lanarkshire) Funding PLC (U.K.) ( AAA (insured); BBB-/Stable (SPUR)Prelim )
To date three schools have been successfully completed, with St. Timothy’s being completed during the month. A further eight schools are currently under construction. Chapelhal/St Aloysius' joint campus will be open in August after a three-month delay since the design changed during the construction works. Based on the technical advisor's report, EC Harris, as with any other project of this scale there have been a number of quality issues raised, while these are acknowledged, investigated, and action taken, the frequency and nature need to be tracked.	Robert Bain
Windsor Petroleum Transport Corp. (Delaware, U.S.) ( First preferred mortgage serial notes due 2010: AA+; First preferred mortgage term notes due 2021: BB+/Stable/-- )
Through the fixed charter periods, BP Shipping's payment obligations are "hell or high water" and are fully guaranteed by BP. Exposure to the charter and spot market after the possible termination of BP Shipping charter in 2009 limits ratings on the term notes to speculative grade. Charter payments are currently below market; one year time-charter rates for carriers averaged about $62,000 in 2005. However, break-even charter hire rates are higher than historical lows. Break-even rates are about $30,000 per day per vessel.	Elif Acar
Pipelines
Alliance Pipeline L.P. (Canada) and Alliance Pipeline L.P. (U.S.) ( BBB+/Stable )
Standard & Poor’s expects strong operating performance to continue based on high capacity utilization (over 100% in 2005). The project also benefits from a diverse shipper basket with a weighted average investment grade credit quality. On March 31 2006, Calpine Energy Services Canada one of the pipeline’s shippers, and subsidiary of bankrupt Calpine Energy Corp. (D/--/--), repudiated its shipping contract which represents about 1.5% of the pipeline’s capacity. Alliance is currently remarketing this capacity on a month to month basis and has drawn on the LOC that secured Calpine’s capacity. The LOC represents one year’s demand charges, and would be used to make up for any difference between Calpine’s contracted transportation rate and the rate at which Alliance is able to remarket the capacity. Standard & Poor’s expects this development to have minimal effect of the pipeline’s cash flow. Debt service coverage after maintenance capital expenditure for U.S. portion was 1.63x, and 1.66x for the Canadian portion for the 12 months ended March 2005.	Chinelo Chidozie
Centragas-Transportadora de Gas de la Region Central de Enron Development & Cia. S.C.A. (Colombia) ( BB/Positive )
Centragas continues to operate according to project contract standards, and meets the pipeline's maintenance specifications. The debt service coverage ratio for the 12 month ending March 31, 2006 was 1.64x, above the projected 1.46x figure. The rating on Centragas reflects the one-source revenue stream, liquidity risk from Centragas' bondholders' put option, and nonrecourse to either the sponsors or offtaker. However, the pipeline's strategic position in Colombia, adequate tariff and bankruptcy remote structure, and healthy operation and debt service coverage records strengthen Centragas' credit profile and partially offset the risks.	Luis Manuel Martínez
DBNGP Trust (Australia) ( BBB-/Stable )
The A$430 million stage 4 is nearing completion (on budget and expected late 2006). The A$1.5 billion proposed stage 5 is now to be split into 3 phases. Stage 5A will most likely start early next year for completion early 2008. Stage 5A is expected to cost about same as stage 4. Final details are still to be worked through with shippers. Most of equity part of the funding mix will be from calling on the partly paid shares from Alcoa and Alinta. DUET's funding obligation will be relatively small and can be met through cash flow.	Richard Creed
Express Pipeline L.P. (senior notes) (U.S. and Canada) ( A-/Stable )
The project continues to demonstrate strong operating performance with stronger debt service coverage ratios as a result of the 2005 pipeline expansion. Pipeline volumes that are currently at about 83% of expanded capacity are likely to remain in that range as a result of constraints at the Platte pipeline end. Total debt service coverage excluding maintenance capital expenditure for 12 months ended Mar 2006 was 1.79x and Standard and Poor’s expects healthy coverage ratios to continue based on committed volumes.	Chinelo Chidozie
Express Pipeline L.P. (subordinated notes) (U.S. and Canada) ( BBB-/Stable )
See Express Pipeline L.P. (senior notes) (U.S. and Canada)	Chinelo Chidozie
Kern River Funding Corp. (Texas, U.S.) ( A-/Watch Neg )
Kern River Funding's bonds 'A-' rating continues to be on CreditWatch with negative implications, reflecting increased credit risk of shippers, the company’s ongoing rate case, and concerns over the project’s ability to recontract turned back capacity at full tariff rates. The pipeline however continues to experience high throughput volumes, and based on rates that are subject to refund, the debt service coverage ratio for 2005 was about 2x.	Chinelo Chidozie
Maritimes & Northeast Pipeline L.P. and LLC (Canada and U.S.) ( A/Stable )
Credit quality of shippers and revenues based on regulated tariffs should ensure continued stable performance at Maritimes pipelines. With Maritimes U.S. rate settlement approved by the FERC, the coverage ratio on the U.S. portion has improved relative to 2004 levels, and should become less sensitive to changes in pipeline throughput. Debt service coverage for the U.S. pipeline was 1.42x for the 12 months ended March 31, 2006. The Canadian pipeline with no interruptible revenues remains strong at 1.61x for the same period.	Chinelo Chidozie
Oleoducto Central, S.A. (OCENSA) (Colombia) ( BB/Positive )
The ratings on Ocensa's tranche A debt take into account Ocensa's strategic importance to the Republic of Colombia (BB/Stable/B) through Ecopetrol, which holds a 35% stake in Ocensa's capital stock. Oil transportation during first-quarter 2006 reached 246,000 barrels per day (bpd), which is below the projected figure of about 296,000 bpd. Ocensa has repaid the tranche A debt that was due in 2005, and met the scheduled March 2006 debt-service payment. The $96 million in tranche A debt outstanding is due in September 2007.	Luis Manuel Martínez
Oleoducto de Crudos Pesados (OCP; Ecuador) ( BBB/Stable )
The 'BBB' rating on Oleoducto de Crudos Pesados' (OCP) $900 million senior bank loan is supported by the project guarantors that have substantially assumed the operating and sovereign risks through performance guarantee agreements. The guarantors are required to make ship-or-pay payments or advance tariff payments even if the Ecuadorian government expropriates the pipeline or the economic incentives decrease. More than 95% of the project's sponsorship provides solid investment-grade creditworthiness. The deterioration of a major guarantor's credit quality could lead to a downgrade of OCP. Should the CreditWatch listing on Repsol-YPF S.A.'s 'BBB+' rating lead to a one-notch downgrade, we expect the OCP rating to remain unchanged. However, if Repsol-YPF is downgraded by more than one notch, a negative rating action on OCP could follow. Conversely, a higher rating is possible should the creditworthiness of one of the major project guarantors improve.	Luis Manuel Martínez
Premier Transmission Financing PLC (U.K.) ( AAA(insured);A (SPUR)/Stable )
PTL's 2006 preliminary full-year results to March 31, 2006, showed slightly reduced profit before interest and tax of £3.0 million compared with a budgeted £3.4 million. The fall is largely due to lower-than-expected licensed income due to lower overheads. Despite the slightly lower-than-budgeted operational profit achieved, we expect the company to claw back any differences relative to budgeted forecasts through the postalization scheme. A slight reduction in forecast volumes shipped of 7% relative to budget for the six months to March 2006 resulted from technical problems at Coolkeragh and interruption at Premier Power. The trend is expected to reverse in the second half of the year. The new CEO, announced on April 3, 2006, was previously director of consumer markets at the U.K. Office of Gas and Electricity Markets and is expected to bring significant experience and expertise to his new role.	Karim Nassif
TransGas de Occidente S.A. (Colombia) ( BB/Positive )
The 'BB' foreign currency rating on TransGas de Occidente S.A.'s $240 million notes due 2010 reflects the risk of a single source of bond repayment--the monthly tariff paid to TransGas by Ecopetrol S.A. Even though the pipeline's utilization rate remains below the original estimates, TransGas has managed to post adequate results, as evidenced by the year-end 2005 operating revenues of $46 million and a debt service coverage ratio (DSCR) of 1.5x. As of the first quarter of 2006, TransGas posted an adequate 1.4x DSCR. To date, TransGas has met all scheduled debt service payments. The next payment is scheduled for November 2006.	Luis Manuel Martínez
Power
The AES Corp. (Virginia, U.S.) ( BB-/Stable )
Standard & Poor's expects AES to continue to reduce parent-level debt and to invest in new projects. We also expect continued strong cash flows from the U.S. subsidiaries Indianapolis Power & Light Co. and AES Eastern Energy LLC, but potential volatility exists from subsidiaries in developing economies such as C.A. La Electricidad De Caracas in Venezuela. We expect monetization of some existing projects and reinvestments in alternative energy.	Aneesh Prabhu
AES Dominicana Energia Finance S.A. (Dominican Republic) ( B-/Stable )
AES Dominicana's rating is capped by and predicated on the rating of the Dominican Republic. A key credit driver is the necessity for improvement in collections and losses at EDE Este, the project's offtaker, which has led to cash flow problems for AES Dominicana historically. The Dominican electric sector relies heavily on government subsidies, so deterioration in the sovereign rating or weak collections coupled with the failure of the government to provide requisite support to the sector would result in a downgrade. In the shorter term, the widening difference between gas and crude prices have increased the dispatch from generating units. Liquidity has also improved from the availability of an import LOC.	Aneesh Prabhu
AES Eastern Energy L.P. (New York, U.S.) ( BB+/Stable )
AES Eastern continues to benefit from strong electricity prices driven by high gas prices. Standard & Poor's expects strong margins to continue for a substantial period as the company has hedged a substantial portion of its gross margin. Debt service coverage ratio for the 12 months ended March 31, 2006 was significantly higher at 3.5x compared with year-end 2004, partly from sales of emission credits, and is expected to remain strong in the near term. A new $350 million LOC to support its hedging activity has improved liquidity.	Aneesh Prabhu
AES Ironwood LLC (Pennsylvania, U.S.) ( B+/Stable )
Standard & Poor's expects continued low dispatch leading to weak debt service coverage over the near term. Dispatch in 2006 is lower than the same period in 2005. Debt service coverage is just under 1x for the 12 month period ended May 2006 partly due to a forced outage on one unit that experienced significant damage to its combustion turbine. While the outage is considered an insurable event, proceeds from the insurance provider are pending. Disputes between AES and offtaker Williams regarding availability bonuses and fuel conversion payments, while time consuming, are not expected to threaten debt service.	Aneesh Prabhu
AES Red Oak LLC (New Jersey, U.S.) ( B+/Positive )
Standard & Poor's expects continued low dispatch leading to weak debt service coverage over the near term. Ongoing litigation related to a dispute over the original engineering, procurement, and construction contract remains an overhang. An adverse decision could threaten solvency, but Standard & Poor's views this as unlikely and does not expect the litigation to be resolved in the near term. Debt service coverage has been about 1.05-1.1x. However, the ability to withhold fuel conversion volume rebate payments, which are subordinate to debt servicing, provide some additional cushion.	Aneesh Prabhu
Alinta Co-generation (Pinjarra) Pty. Ltd. (Australia) ( BBB/Watch Neg )
Alinta Ltd.'s (BBB/Watch-Neg/--) first co-generation plant in Western Australia was fully commissioned in March 2006 after an eight-month construction delay by the EPC contractor. The first co-generation facility is producing power to Western Australia.	Peter Stephens
Alte Liebe 1 Ltd. (Germany) ( AAA (insured) prelim;BBB- (SPUR)/Stable )
The outlook is supported by the generation of cash flows in line with forecasts. A downgrade of the underlying rating could occur if the forecasts are not realized and cash flows are materially reduced over the medium term with no recovery expected or regulatory support were to change. A rating upgrade on the preliminary underlying rating would require a sustainable better-forecast performance than under Standard & Poor's base case.	Ralf Etzelmueller
American Ref-Fuel Co. LLC (New York, U.S.) ( BB+/Stable )
American Ref-Fuel projects continue to exhibit sound financial and operational performance. Debt service coverage for the 12 months ended March 2006 was of about 2.9x, significantly higher than the 1.75x threshold that restricts distributions to parent. The long-term ratings are constrained by the rating of its owner, Covanta Energy.	Chinelo Chidozie
Astoria Generating Company Acquisitions LLC (New York, U.S.) ( BB-(prelim)/Stable )
Standard & Poor’s expects that Astoria Gen will continue to receive predictable net revenues (through 2008) provided by the energy and capacity hedges. No new financial or operational information is required under the loan agreement until August 2006. Post 2008, the company is exposed to the merchant power markets in New York City.	Arleen Spangler
Baesa - Energética Barra Grande S/A (Brazil) ( brAA/Stable )
The project started operations in Nov. 1, 2005. The bonds are still in grace period of principal and interest payments. The first amortization is scheduled for September 2006, but is not for the total debt outstanding. Amortizations up to February 2006 amount to BrR50 million and Baesa has BrR144 million in cash. The rating continues to be supported by corporate guarantees of shareholders.	Marcelo Costa
Bauang Private Power Corp. (Philippines) ( BB-/Stable )
The National Economic and Development Authority is still reviewing the proposed amendment of Bauang's power purchase agreement although Bauang, National Power Corp. (foreign currency BB-/Stable/--; local currency BB+/Stable/--), and Power Sector Assets and Liabilities Management Corp. have already reached an agreement. The amendment of the PPA is expected to have minimal impact on Bauang’s cash flows.	Cheow Hon Lee
Borger Energy Associates, L.P./Borger Funding Corp. (Texas, U.S.) ( B+/Developing )
So far this year, availabilities and capacity factors have been ahead of budget and better than in recent years, but still below the performance of the 2001-2003 time period, when debt service coverage was materially higher. Standard & Poor's will continue to monitor the following: steam demand from the thermal host; plans to fund a new generator in later 2007, the effect of a planned outage at the thermal host in April 2007, and operational performance generally.	Daniel Welt
Boston Generating LLC (Massachusetts, U.S.) ( B/Stable )
Boston Gen continues to operate adequately and can sustain today’s power prices, given the reserves in place. Availabilities have been consistent with the forecast. The Mystic units are collecting monies under an reliability-must-run (RMR) agreement, subject to refund, until settlement on the terms is reached. This allows them to continue to collect adequate funds to service debt. Under low gas-price scenarios without the benefit of any RMR or capacity payments, the project will suffer. Standard & Poor’s expects finalization on the RMR contract in 2007, which will significantly improve the certainty of future cash flows	Arleen Spangler
Brooklyn Navy Yard Cogeneration Partners L.P. (New York, U.S.) ( BBB-/Negative )
BNYCP is a 286 MW gas- and oil-fired cogeneration facility in Brooklyn, N.Y. Effective availabilities have been well above the 93% threshold since the last outage in October 2005 and the 12 month rolling debt service coverage ratio was 0.92x for the first quarter of 2006 but is expected to be in line with the rating starting in the fourth quarter of 2006, when the effect of the fourth quarter of 2005 rolls off.	Daniel Welt
Calpine Construction Finance Co L.P. (CCFC1) (California, U.S.) ( CCC-/Negative )
In late 2005, Standard & Poor’s lowered its ratings on Calpine Corp. and some of its subsidiaries to 'D' after the company filed for Chapter 11 bankruptcy protection. The ratings on Calpine Construction Finance Co. remain unchanged at ‘CCC-‘, because this entity was excluded from the bankruptcy filing. However, there is a possibility that this entity could be filed in the future.	Swami Venkataraman
Calpine Corp. (California, U.S.) ( D )
Standard & Poor's lowered its ratings on Calpine Corp. and some of its subsidiaries to 'D' after the company filed for Chapter 11 bankruptcy protection.	Swami Venkataraman
Calpine Generating Co. LLC (CalGen; California, U.S.) ( D )
See Calpine Corp.	Swami Venkataraman
Carbon County Industrial Development Authority (Panther Creek Partners ) (Pennsylvania, U.S.) ( BBB-/Stable )
Operating and financial performance were strong in the first quarter of 2006. Capacity factors were 99%-100% plus in all months from January through May 2006 and income has been ahead of budget.	Daniel Welt
CE Casecnan Energy and Water Co. Inc. (Philippines) ( B+/Positive )
The project’s debt service coverage ratio is expected to improve to about 2.3x in 2006 from 1.3x in 2005 as significant amount of debt was amortized in 2005. The operation of the project has been smooth in the first quarter of 2006 with no major unplanned outages.	Cheow Hon Lee
CE Generation LLC (U.S.) (California, U.S.) ( BB-/Watch Pos )
Ratings on CE Generation LLC's senior secured notes ($355.4 million outstanding as of March 31, 2006) were placed on CreditWatch with positive implications on June 13, 2006 following amendments to the power purchase agreements that the projects in Salton Sea's geothermal portfolio have entered into with Southern California Edison (SCE). Ten of the 13 projects in CE Generation's portfolio are part of Salton Sea, which together with Saranac, a qualified facility in New York state, provides most of CE Generation's cash flow through 2009. The amendments, subject to the approval of the California Public Utilities Commission, will result in an increase in the short-run avoided cost (SRAC) price, the energy price under the power purchase agreements, to 6.15 cents per kilowatt-hour (kWh) from May 1, 2007, to April 30, 2012, escalated 1% annually. The current price of 5.37 cents/kWh will remain in effect through April 30, 2007. This settlement strengthens cash flows at Salton Sea and provides more revenue certainty relative to the previous exposure to volatile gas prices that underlie the SRAC regulatory formula for the settlement.	Swami Venkataraman
Cedar Brakes I LLC (New Jersey, U.S.) ( BBB-/Watch Dev )
The rating on Cedar Brakes I is equivalent to the lower of Public Service Electric & Gas' (PSE&G, the project offtaker) senior unsecured rating and Constellation Energy Group's (power supply guarantor) senior unsecured rating, pursuant to our weak-link rating methodology. Standard & Poor's expects the Cedar Brakes I transaction to continue to operate as structured under the original project documents. The rating is on CreditWatch with developing implications mirroring that of PSE&G.	Scott Taylor
Cedar Brakes II LLC (New Jersey, U.S.) ( BBB-/Watch Dev )
The rating on Cedar Brakes II is equivalent to the lower of Public Service Electric & Gas' (PSE&G, the project offtaker) senior unsecured rating and Constellation's (power supply guarantor) senior unsecured rating, pursuant to our weak-link rating methodology. Standard & Poor's expects the Cedar Brakes II transaction to continue to operate as structured under the original project documents. The rating is on CreditWatch with developing implications mirroring that of PSE&G.	Scott Taylor
Central Valley Financing Authority (California, U.S.) ( BBB/Stable )
The Central Valley Financing Authority (CVFA) project continues to exhibit a strong operating record with availability for the first six months of 2006 at 91.6% (100% per the power-purchase agreement). The debt service coverage ratio for the 12 months ended March 31, 2006 was a very strong 3.64x, due to the absence of any 2005 and 2006 principal payments because they were paid in 2004. The rating also reflects Sacramento Municipal Utility District's (SMUD) obligation to pay debt service as long as the availability of the project remains above 70%. The project is a key resource in SMUD's generation portfolio meeting native load requirements.	Michael Scholder
Choctaw Generation L.P. (Mississippi, U.S.) ( BBB-/Negative )
The project continues to demonstrate availability rates in the mid 80%, and the project’s availability-based capacity payment are designed to cover both fixed operating costs and debt service, and fuel costs are passed through to the offtaker at an implied heat rate of 10,150 Btu per kilowatt-hour that put pressure on the fixed charge coverage ratios because of the heat rate issue. The fixed charge coverage for 12-month period ended March 2006 was 1.32x. The project’s fixed charge coverage has historically been below the 1.5x originally projected.	Chinelo Chidozie
Cogentrix Energy Inc. (North Carolina, U.S.) ( BB-/Stable )
The company's parent cash flow coverage was 2.03x (2.64x bank calculation) in for the 12 months ended June 2005. Despite the negative variance of $9.1 million for the twelve-month period ended cash flow from projects compared to budget, parent cash flow to interest coverage is expected to be better than originally projected 1.8x for 2005 and stay above 2.0x after 2005. The negative difference is mainly attributable to lower cash flow from Indiantown Cogen and Selkirk Cogen due to distribution hurdles being triggered. These negative differences were offset by increases in cash flow from Cottage Grove, Whitewater, and MASSPOWER. If it weren't for these one-time positive variances, the shortfall would have been more significant.	Elif Acar
Coleto Creek WLE L.P. (Texas, U.S.) ( B+/Stable )
American National Power completed the acquisition of Coleto Creek from Sempra and Carlyle/Riverstone in July 2006. Strong operating performance continues, with availability at 97.6% throughout the first quarter of 2006. Financial performance will be weaker than previously given the substantially higher debt levels now, a fact reflected in the lower ‘B+’ rating for the first-lien debt. The baghouse project is now underway and is scheduled to be completed in spring 2007. The conversion to Powder River Basin coal and construction of the baghouse are key credit issues over the next two years.	Swami Venkataraman
Confederated Tribes of the Warm Springs Reservation (Oregon, U.S.) ( AAA; BBB/Stable (SPUR) )
Strong operations at the project and high commodity prices over the near term are expected to continue to support excellent financial performance at the project. For the 12 months ended June 30, 2006, the average sales price per megawatt-hour (MWh) was almost $52, cash cost of generation was under $8/MWh, and the debt service coverage was very good at 8.38x. With increases in the contracted price for forward sales starting in 2007 and the decision by the Confederated Tribes of the Warm Springs Reservation to cash fund a substantial portion of the some capital expenditures for re-licensing, the debt service coverage ratios are expected to remain very healthy.	Michael Scholder
Constructora Internacional de Infraestructura (CIISA) (Mexico) ( BBB/Stable )
The project contemplates the construction of a $805.8 million (reflecting adjustments derived from change orders approved to date) million hydropower generating facility in the State of Nayarit, Mexico. Construction started in April 2003 and completion is scheduled for Aug. 31, 2007. CIISA, the special purpose vehicle, was created in 2003 to build the project. The repayment of the debt will come from Comision Federal de Electricidad (offtaker). The arrangement of the financial structure was finally concluded in March 2004 with a US$452.4 million syndicated bank facility due 2007 and a US$230 million bond due 2008. A portion of the proceeds was used to repay the US$100 million bridge facility. Recent changes in the construction schedule are expected to maintain the most significant milestone and project completion dates.	Luis Manuel Martínez
Coral Energy Holding L.P. (Texas, U.S.) ( A-/Stable )
The rating on Coral Energy Holding L.P. reflects implied financial support from its parent, Royal Dutch Shell PLC (Shell; AA/Stable/A-1+). Parent support for Coral is reflected in revised recapitalization of the company and injection of parent equity. Coral has a $750 million short-term revolver from a Shell affiliate, and Coral closed on a $1.95 billion five-year term facility in June 2006 that replaced the company's bridge facility with a Shell affiliate. Shell injected $250 million in equity into Coral in first-quarter 2006, an increase of about 55% over year-end 2005 Partner's Capital. This increase in financial capability reflects expectations of growth in North American markets.	Terry A. Pratt
Cordova Funding Corp. (Illinois, U.S.) ( BB/Stable )
Standard & Poor's expects the project to continue trapping cash in the near to medium term as debt service coverage remains well below the distribution hurdle of 1.35x due to the weak merchant market. Coverage should hover around 1.0x for the foreseeable future, as long as the project continues to operate well enough to receive 100% of payments from Constellation Energy. Cordova will remain below investment grade unless power market dynamics improve.	Swami Venkataraman
Covanta Energy Corp. (New Jersey, U.S.) ( B+/Stable )
Standard & Poor’s continues to expect stable cash flow from Covanta’s waste-to-energy businesses, and leverage should decline over the medium term as requirements to maintain letter of credit facilities decline, subsidiary debt is amortized, and operating and interest expenses are reduced. Covanta recently upsized its first-lien bank facility by $140 million and the proceeds were used to pre pay some of the higher priced second-lien debt.	Chinelo Chidozie
CRC Breeze Finance S.A. (Breeze Two Transaction) 300 million class A senior secured bonds due in May 2026, coupon 5.29% (Germany, France) ( BBB(prelim)/Stable )
The stable outlook is based on satisfactory progress of construction and electricity generation in line with the base case assumptions. We also expect that the V90 turbines will perform in line with expectations. A downgrade could occur if electricity generation is consistently below forecasts, or if regulatory support were to change. A rating upgrade, which is unlikely in the near term, would require constant outperformance of the base case.	Ralf Etzelmueller
CRC Breeze Finance S.A. (Breeze Two Transaction) €50 million class B subordinated secured bonds due in May 2016, coupon 6.11% (Germany, France) ( BB+(prelim)/Stable )
See above.	Ralf Etzelmueller
Crockett Cogeneration (California Limited Partnership) ( BBB-/Stable )
Crockett continues to exhibit a stable, predictable revenue stream, low technological risk, moderate operational risk, and an adequate financial position. High hydro conditions have affected dispatch of the facility during late 2005 and early 2006, but have had a minimal effect on debt service coverage ratios, which stood at 1.31x for the 12 months ended March 31, 2006. This is because capacity payments alone cover debt service and operations and maintenance by 1.3x.	Leo Carrillo
DTE Energy Center LLC (Michigan, U.S.) ( BBB/Stable )
In March 2006, a delivery failure occurred at the Sterling Heights Stamping plant. The root cause of the event was found and a cure plan is ongoing. The incident did not have a material effect on the project's economics, as lease payments were received in full and the liquidated damages of about $100,000 was already budgeted. The interest coverage ratio for the 12 months ended April 30, 2006 was 1.59x. Principal amortization commences in 2007.	Elif Acar
East Coast Power LLC (New Jersey, U.S.) ( BBB-/Stable )
Standard & Poor's expects continued steady performance from East Coast Power due to its underlying contracts, with consolidated debt service coverage above 1.7x over the next few quarters. Consolidated debt service coverage was 1.78x for the 12 months ended March 31, 2006. The sale of the majority ownership interest (99%) in the plant by GS Linden Power Holdings, a subsidiary of Goldman Sachs Group Inc., to General Electric Capital Corp. did not influence the project’s rating because of GE’s strong credit quality.	Elif Acar
Edison Mission Energy (California, U.S.) ( B+/Positive )
In first-quarter 2006, Edison Mission Energy's (EME) plants operated well with average availability factors and higher power prices. This resulted in higher cash flow and slightly improved credit metrics. The company remains exposed to volatility in its cash flow, given the reliance on merchant-based cash flow. In April 2006, EME completed a tender offer for $1 billion of outstanding bonds and refinanced those bonds with new bonds at a slightly lower interest rate, but with extended maturities. In addition, EME successfully closed a new $500 million revolving credit facility that provides liquidity for working-capital purposes, as well as collateral posting requirements under hedging transactions. The refinancing evens out the maturity schedule and lessens the refinancing risk for EME.	David Bodek
Edison Mission Energy Funding Corp. (Big 4) (Delaware, U.S.) ( B+/Positive )
EME Funding's ratings are tied to the ratings on EME, because the guarantors are not bankruptcy remote from EME. EME Funding exhibits financial strength on a stand alone basis, due to highly predictable and stable revenues from steam sales and the power supply contracts. For 2005, the debt service coverage ratio was 3.06x. Financial performance in the first quarter of 2006 was weak, but was consistent with first quarter performance in the previous year.	David Bodek
Elwood Energy LLC (Illinois, U.S.) ( B+/Watch Pos )
Standard & Poor’s expects Elwood to continue to generate stable cash flow from its power-purchase agreements (PPA) with Exelon Energy and now CEG. Elwood's rating was placed on CreditWatch with positive implications on June 16, 2006 reflecting Aquila Inc.’s PPA assignment to CEG (BBB+/Stable/A-2), which significantly reduces credit risk at the project. However, the project is still exposed to merchant risk when the Exelon PPAs expire in 2012. Elwood Energy has good operations track record with availabilities typically above 95%. Debt coverage ratio for the 12 month ended March 31, 2006 was 1.4x, and 1.5x for 2005.	Chinelo Chidozie
ESI Tractebel Acquisition Corp. (New Jersey, Massachusetts, U.S.) ( BB/Stable )
The project continues to perform well because of high gas prices, which translate into more margin under the restructured project contracts. First quarter of 2006 and trailing twelve month debt service coverage ratios at the operating company were 3.81x and 4.02x, respectively.	Daniel Welt
ESI Tractebel Funding Corp. (New Jersey, Massachusetts, U.S.) ( BBB-/Stable )
See above.	Daniel Welt
Fideicomiso Petacalco (Mexico) ( BBB/Stable )
Debt service payments for the project are direct and unconditional obligations of Comision Federal de Electricidad (CFE) and rank pari passu in priority of payment with all other unsecured senior debt obligations of CFE. Thus, the project’s credit profile benefits from the offtaker’s investment-grade rating (foreign currency BBB/Stable/--). The coal-handling facility delivered 10.3 million tons in 2005, and as of May 2006 it delivered 4.7 million tons. The last debt service payment was in April 2006 for US$21.2 million. The next principal payment is due in October 2006, in the amount of US$20.2 million. As of May 2006, all financial covenants were in compliance.	Luis Manuel Martínez
FPL Energy American Wind LLC (California, New Mexico, U.S.) ( BBB-/Stable )
In first-quarter 2006, electricity production was about 99% of forecast and revenues were essentially 100% of forecast. The portfolio availability was about 100% of forecast, but the availability at High Winds was down from forecasts. The portfolio nature of the project should continue to result in modest upward and downward swings in production and revenues. The project's debt service coverage ratios for the June 2006 payment was 1.68, well above our base case forecast of 1.4x.	Terry A. Pratt
FPL Energy Caithness Funding Corp. (California, U.S.) ( BBB-/Stable )
This solar energy generating station's credit quality is closely tied to the ability of capacity payments to support debt service. Cash flow is strongest during the fourth quarter and there is a reliance on cash balances to meet obligations during the first three quarters of the year. The level of capacity payments received can be influenced by dispatch, but there is evidence that even under adverse conditions, capacity payments provide the revenue stream with a strong backbone.	David Bodek
FPL Energy National Wind LLC (U.S.) ( BBB-/Stable )
For the year ended on the recent debt payment in February 2006, the project debt service coverage ratio was 1.58x, and although below the pro forma forecast of 1.7x, was above our rated case of about 1.4x. In first-quarter 2006, portfolio production and revenues were strong at 100% and 103%, respectively, of the project's base case pro forma forecasts. Project availabilities were 98% of forecast; only North Dakota exceeded expectations. The portfolio nature of the project should continue to result in modest upward and downward swings in production and revenues.	Terry A. Pratt
FPL Energy National Wind Portfolio LLC (U.S.) ( BB-/Stable )
For the year ended on the last payment date in March 2006, the consolidated debt service coverage ratio of National Wind and Wind Portfolio was 1.19x, which is above the rated performance level of about 1.12x. In first-quarter 2006, National Wind production and revenues were strong at 100% and 103%, respectively, of the project's base case pro forma forecasts. Project availabilities were 98% of forecast; only North Dakota exceeded expectations.	Terry A. Pratt
FPL Energy Virginia Funding Corp. (Doswell) (Virginia, U.S.) ( BBB-/Stable )
FPL Energy Virginia Funding Corp. owns Doswell which is a 708 MW four-unit, gas-fired combined-cycle power complex and a 171 MW simple-cycle combustion-turbine peaking facility in Hanover County, Va. Debt service coverage has deteriorated below pro forma levels as a result of a preventative maintenance program that completed in October 2005, but is expected to return to about 1.35x in 2006 in line with the base case forecast.	Jodi Hecht
FPL Energy Wind Funding LLC (California, New Mexico, U.S.) ( BB-/Stable )
Cash flow remains stable from FPL Energy American Wind, which provides distributions to Wind Funding. The consolidated debt service coverage ratio for FPL American Wind LLC and Wind Funding was 1.2x at the annual payment date in June 2006.	Terry A. Pratt
Gilroy Energy Center (California, U.S.) ( AAA (SPUR); BBB-/Negative )
The 'AAA' rating reflects the guaranty of payment from Ambac Assurance Corp., Calpine's operational capabilities, the use of proven LM6000 gas-turbine technology, and contracts that limit revenue and cost variability should minimize the need to call on the Ambac guarantee. If Standard & Poor's rating on the California Department of Water Resources falls below 'BBB', the 'BBB-' underlying rating on the Gilroy bonds could come under pressure. Although unlikely, the project is at a minor risk of consolidation into the Calpine bankruptcy.	Jeffrey Wolinsky
Green Country Energy LLC (Oklahoma, U.S.) ( BBB-/Stable )
Standard & Poor's expects continued stable performance due to the underlying contract with PECO Energy Co. Revenues and expenses have been in line with forecasts since the debt was issued in June 2003. Operational performance was excellent in 2005 and through May 2006, with contract availability close to 100%. Debt service coverage for year-end 2005 and the 12 months ended March 31, 2006 at 1.5x was lower than previous periods (around 1.7x) due to an increase in operations and maintenance costs resulting from a forced outage in December 2005. There are no outstanding issues related to the outage.	Elif Acar
GWF Energy LLC (California, U.S.) ( BBB-/Stable )
GWF continues to collect stable and predictable revenues from the California Department of Water Resources. For the 12 months ending March 31, 2006, availabilities at the three facilities averaged about 99%. The debt service coverage ratios for the same period were in line with expectations at more than 1.50x. Standard & Poor's expects the going forward debt service coverage ratio to be in line with projections.	Leo Carrillo
Homer City Funding (Pennsylvania, U.S.) ( BB/Stable )
The rating primarily reflects Homer City's stand-alone credit quality, however, Standard & Poor's considers in its analysis the economic incentives of the parent to potentially harm Homer City's credit quality. Homer City's credit quality exhibits some weakness going forward relating to the project's ability to fund potential large capital expenditures for environmental upgrades in a low natural gas price scenario in later years. Homer City had adequate operations performance in 2005. Plant availability was 85.2% and for the 12 months ending Dec. 31, 2005, senior rent coverage for the same period was 2.59x. The first quarter of 2006 did not have any scheduled debt service payments, but the rolling 12-month coverage remained sound about 10 basis points below that of the prior quarter.	David Bodek
Indiantown Cogeneration Funding Corp./Indiantown Cogen L.P. (Florida, U.S.) ( BB+/Negative )
Indiantown achieved a debt service coverage ratio (DSCR) of 1.1x for the 12 months ended March 31, 2005. DSCR is low due to the mismatch between energy revenues and actual costs and lower capacity billing factor, which causes the facility to lose capacity bonus payments for capacity billing factors below 97%. There is an ongoing dispute between the project and its 100% off-take FPL over how to adjust the unit energy payment cost, an input affecting FPL's monthly energy payments to Indiantown. Indiantown filed a formal complaint in federal court in Florida regarding the adjustment of the unit energy payment cost. Currently, the ratings are not negatively affected; however, should this matter be unfavorably resolved or prolonged, Indiantown's ratings may come under pressure due to increasing coal costs.	Elif Acar
Independence County Hydroelectric (Arkansas, U.S. ( A; BB+ (SPUR)/Stable )
May 2006 debt service was paid from proceeds of the 2005 junior lien issuance. Lock and dam no. 3 is expected to come online in August 2006, followed by no. 2 in October and no. 1 around June or July 2007.	Daniel Welt
International Power PLC (IPower; U.K.) ( BB-/Stable )
In the first quarter of 2006, profit from operations increased substantially to £217 million, from £133 million in 2005. This improvement was driven primarily by acquired assets in Europe (First Hydro, Saltend, Turbogas, and ISAB), and by continued recovery in the company's key U.S. and U.K. merchant markets. Net debt at the corporate level was a very low £4 million as of Dec. 31, 2005, although this will rise slightly following the company's recently announced acquisition of the 632 MW Coleto Creek Power coal-fired power plant, in Texas, and its £230 million senior convertible bond issue. Despite recent acquisitions, International Power remains committed to keeping consolidated net leverage at or below 60% (about 52% at March 31, 2006). The ratings on International Power continue to reflect its reliance on dividends from investments in emerging markets such as Pakistan, Turkey, and Indonesia or noncontracted power plants.	Bill Ferara
Itá Energética S.A. (Brazil) ( brA/Stable )
Ita posted a debt service coverage ratio of 1.02x in accumulated 2Q06. The slump in debt coverage compared to fiscal 2005 is explained by a downward price revision in the power-purchase agreement. Itasa's shareholders are also the electricity offtakers, and that is the reason why they decided to reduce electricity prices, once the project is a stable and strong cash generator. Prices were cut by 25% on average. However, cash reserves continue stable at BrR44 million, equivalent to approximately 35% of the company's annual debt service. Operations are running ordinarily.	Marcelo Costa
Itapebi Geração de Energia S/A (Brazil) ( brA+/Stable )
During the first six months of 2006, debt service coverage ratio reached 1.35x. Cash holdings attained BrR84 million, which includes debentures debt service reserve account of BrR66 million. Cash holdings can cover 10 monthly amortizations. Plant's operation has been normal.	Juliana Gallo
Juniper Generation LLC (California, U.S.) ( BBB-/Stable )
Juniper continues to perform adequately both operationally and financially. For 2005, the senior debt service coverage ratio was 1.57x. There are no significant developments on the potential changes to the formula for calculating short-run avoided cost in California even though several of the plant have amendments that expired in July 2006.	Leo Carrillo
KGen LLC (Georgia, U.S.) ( First lien term A bank loan due 2011: B/Stable; Second lien term B bank loan due 2011: B-/Stable )
KGen owns nine gas-fired electric generation facilities with a nominal capacity of 5,325 MW through two subsidiaries, KGen Power LLC and KGen Murray LLC. KGen successfully sold two turbines in early 2006, the proceeds of which were used to bolster liquidity. Cash available for debt service as of March 31, 2006 was in line with budget. The liquidity reserve will allow KGen to weather a cool summer, or other unforeseen events, if needed.	Arleen Spangler
Kincaid Generating LLC (Illinois, U.S.) ( BBB-/Stable )
Kincaid continues to perform at levels above bond pro forma projections, due to strong operations. Availability and capacity factors for the first quarter of 2006 was 99% and 70% respectively. Standard & Poor’s expects the project to continue exceed bond pro forma on the basis of the additional 50 MW plant rating improvement and the power-purchase agreement with Exelon Generating LLC for all generation capacity and energy. Financial performance remains solid, with debt service coverage ratios including capital expenditures of 1.86x in 2005 and 2.5x for the 12 months ended March 31, 2006.	Chinelo Chidozie
Kiowa Power Partners LLC (Oklahoma, U.S.) ( BBB-/Stable )
The rolling twelve month debt service coverage ratio for the year ending March 31, 2006 was 1.53x at the operating company and 1.32x on a consolidated basis. An outage in late June 2006 due to the failure of a generator bushing is expected have a net negative cash impact of about $1.8 million, or approximately .025x at the operating company level, ignoring timing differences. The plant has been brought back online and the outage appears to have been an isolated problem that has been fully resolved.	Daniel Welt
La Paloma Generating Co (California, U.S.) ( BB-/Negative (prelim); B/Negative (prelim) )
Financial performance of this project that was acquired in August 2005 has fallen short of anticipated levels. Tolling contracts continue to provide a measure of protection, but their value has been eroded by the operational issues that the plant has exhibited and the effects of hydrology on market prices for electricity that resulted in significantly less-than-anticipated cash flow from merchant operations. The ability to amortize debt at a level that is in line with 2005's expectations remains critical to ongoing preservation of credit quality. Diminished amortization increases refinancing risk.	David Bodek
LoyVic Pty Ltd. (Loy Yang B) (Australia) ( BBB/Stable )
The LoyVic Pty Ltd. project is performing in line with Standard & Poor's expectations. Loy Yang B's operational performance was sound over the June quarter with the project's debt service coverage ratio for the 12 months to June 2006 as anticipated.	Mark Legge
LS Power Funding Corp. (Minnesota, Wisconsin, U.S.) ( BBB/Stable )
Both Cottage Grove and Whitewater projects continue to operate well and provide better than projected cash flow to equity owners. The debt service coverage ratio for the 12 months ended March 31, 2006 was 2.0x for Cottage Grove and 1.75x for Whitewater.	Elif Acar
LSP Batesville Funding Corp./LSP Energy L.P. (Mississippi, U.S.) ( B+/Stable )
Reduced energy revenues based on lower-capacity factors and higher-than-originally-projected operations and maintenance expenses have negatively affected the debt-service coverage ratios. Coverage ratios in 2005, as well as rolling 12-month ratios as of March 31, 2006, were around 1.1x. The average availability factor for all three units was 97% through May 2006, and the average capacity factor was 18%. After 2005, the coverage ratios should improve based on certain step-up provisions in the project's fixed-capacity (reservation) payments under the J. Aron power-purchase agreement.	Elif Acar
LSP Gen Finance Co. LLC (California, Arizona, New England, U.S.) ( BB-/Stable; B/Stable )
LSP Gen Finance closed on the acquisition of the nine facilities in may 2006. Standard & Poor’s does not anticipate any material deviations from expected performance during 2006 in light of the existing hedges in place. However, it is possible that LSP may roll into its existing portfolio the remaining 50% interest in the Griffith facility, recently acquired from PPL Corp. as well as the Ontelaunee facility in Pennsylvania, also currently owned by its parent. Each of these transactions would require a ratings affirmation at the current level per the lending documents.	Dimitri Nikas
LSP-Kendall Energy, LLC (Illinois, U.S.) ( B/Stable )
Performance for the first quarter of 2006 was better than anticipated, primarily due to a favorable property tax ruling. The one-time proceeds from the ruling are carved out of the revenue waterfall and accrue entirely to equity, but the future savings should increase amortization through the cash flow sweep, all else being equal. Operations have been very good and the spring 2006 outage went well.	Daniel Welt
Massachusetts Development Finance Agency (SEMASS) (Massachusetts, U.S.) ( BBB/Stable )
SEMASS earns revenues from tipping fees, sale of electricity and miscellaneous sale of scrap metal. Operations continue to be satisfactory and cash flows are stable from a predictable revenue stream from the power sales agreement with Commonwealth Electric. Tip fees will be lower than experienced in the past years as the Commonwealth permits new landfills and transfer stations in Massachusetts.	Chinelo Chidozie
Max Two Ltd. (Breeze One Transaction) (Germany, Portugal) ( BBB-/Stable )
The performance of the wind farms in 2005 was below expectations, but Standard & Poor's expects the performance to revert back to the levels assumed in the base case. The wind supply was 12%-20% lower than projected and the actual kilowatt-hours produced 2.7%-20.0% below expectations. Consequently, the debt-service coverage ratios were significantly below forecasts. Nevertheless, the debt service reserve accounts are fully funded and have not been used. There were also a few minor technical issues in 2005, which have been resolved. Turbine availability was in line with expectations at 96.0%-99.7%.	Ralf Etzelmueller
Midland Cogeneration Venture L.P. (MCV) (Michigan, U.S.) ( B/Watch Neg )
MCV continues to collect revenues from Consumers Power Co. in accordance with the power-purchase agreement and the resource conservation agreement signed in 2005. Funds have been adequate to cover operating expenses and debt service on the bonds. In the near term, MCV is at risk that, if they are unable to purchase natural gas prices at an appropriate price for dispatch and Consumers invokes its regulatory out provision, they could deplete their cash reserves. This could cause a default on the bonds post 2007.	Arleen Spangler
Midwest Generation LLC (Midwest Gen) (Illinois, U.S.) ( B+/Positive )
Midwest Gen's operational and financial performance was good in 2005. The company's interest coverage ratio, including Powerton and Joliet obligations and cash flow from Edison Mission Energy notes, was 2.01x for the 12 months ending Sept. 30, 2005.	David Bodek
Monterrey Power, S.A. de C.V. (Mexico) ( BBB/Stable )
The securities issued by Monterrey Power are, among other aspects, secured by a pledge by Monterrey Power of its rights to receive this fixed quarterly payment from Comision Federal de Electricidad (CFE). Monterrey Power makes interest payments to the bondholders semiannually and can pay the entire principal amount in a single installment at maturity on November 2009. As of May 2006, CFE has made all quarterly payments as per the trust agreement. Standard & Poor's expects that Monterrey Power will fully meet the next payment, scheduled for November 2006.	Luis Manuel Martínez
MSW Energy Holdings II LLC (Delaware, U.S.) ( BB-/Stable )
MSW relies on cash distributions from American Ref-Fuel to pay interest expense on the notes. The cash flow from American Ref-Fuel are relatively stable and predictable, and are derived from long term contracts for power, steam, and tipping fees. Standard & Poor’s expect the project level contracts to continue providing adequate cash flow to cover interest payments on the notes.	Chinelo Chidozie
MSW Energy Holdings LLC (Delaware, U.S.) ( BB-/Stable )
See MSW Energy Holdings II LLC	Chinelo Chidozie
Northampton Generation Co. L.P. (Pennsylvania Economic Development Authority) (Pennsylvania, U.S.) ( B+/Negative )
First quarter of 2006 operations were good and the project's trailing 12 month debt service coverage ratio was 1.18x. We continue to expect adequate performance until the 2010 time period and will monitor the project's efforts to improve financial performance thereafter.	Daniel Welt
Northeast Generation Co. (NGC; Connecticut, U.S.) ( B+/Watch Dev )
Northeast Generation (NGC) is rated on a stand-alone basis and de-linked from Northeast Utilities. NGC continues to operate under the Select Energy contract that matures at the end of 2007. NU is in the process of selling NGC and expects to complete the sale by year end 2006. The project's results in the first quarter of 2006 relied solely on cash flow from a contract with Select that covered principal and interest payments.	David Bodek
NRG Energy Inc. (Minnesota, U.S.) ( B+/Stable/B-2 )
NRG's credit quality should be protected in the short term because it will continue to benefit from the hedges the company has in place at Texas Genco. If NRG successfully integrates the Texas Genco LLC acquisition, commodity prices remain high, and NRG deleverages its capital structure as it has presented in its base case, we could revise the outlook to positive or upgrade the company. Longer term, NRG remains exposed to the high business risk of operating as predominantly a merchant generator where cash flows may be volatile, which will limit upgrade potential. In addition, over the long term, recently announced ambitious growth plans could potentially negatively influence the capital structure if the plans are executed.	David Bodek
NRG Peakers (Louisiana, Illinois, U.S.) ( AAA (insured) )
The rating reflects the guaranty of payment from XL Capital. A combination of underlying contracts and NRG-provided liquidity should keep the project whole into 2008, even if no merchant revenues are forthcoming. If the transaction is not restructured before then, XL's guaranty may be called at that point as Standard & Poor's does not foresee a market recovery in the U.S. southeast in that time frame.	David Bodek
NSG Holdings II LLC (Texas, U.S.) ( B/Negative )
The performance of the seven plants in the portfolio are generating revenue slightly ahead of projections, due to better than budgeted performance by the Vandolah project. Debt service coverage for the 12 months ended March 31, 2006 was 1.3x. Concentration in this project (contributing more than 60% of distributions) with its weak offtaker, Reliant Energy Services, a subsidiary of Reliant Energy Inc. is a key credit driver.	Jodi Hecht
Orange Cogen Funding Corp. (Florida, U.S.) ( BBB-/Stable )
Financial performance has been strong, in part boosted by reduced fuel expenses as a result of remarketing gas, with a debt service coverage ratio of 2.66x for the 12 months ending March 31, 2006.	Daniel Welt
Paiton Energy Funding B.V. (Indonesia) ( B-/Stable )
With high availability and dispatch levels and a competitive fuel-cost arising from favorable coal-purchase contracts, Paiton has emerged as a preferred generator in the Java-Bali regional grid. Paiton’s lower generating cost potentially helps PLN reduce its average cost of power, especially given the impact of rising costs of fuel-oil based units, improves its dispatch levels and the overall competitive profile of the company. Though the July 2006 contract renewals for Paiton are likely to result in an increase in the landed cost of coal, which is not expected to significantly undermine its position as a low-cost generating unit. The average availability for the period December 2005 to June 2006 is about 90%. For fiscal 2006, lower levels of scheduled maintenance may result in a higher level of availability and improvement in dispatch levels, provided unscheduled outages remain within projected levels. The debt service coverage ratio for 2005 was 1.2x, marginally lower than the initial estimated of 1.25x, primarily on account of higher stock-piling of coal for meeting the increased demand for power and dispatch levels.	Anshukant Taneja
Pennsylvania Economic Development Authority (Colver Power Project) (Pennsylvania, U.S.) ( BBB-/Stable )
The Colver Project which has a history of reliable operations continues to operate well, with stable cash flows from its power-purchase agreement with Pennsylvania Electric Co. The project has solid debt service coverages; 2.1x for the 12 months ended March 2006 and 1.7x in 2005. The strong performance is a combination of lower interest expense, from the 2005 bond refinancing, lower scheduled principal amortization, and higher electricity prices for electricity sales in the day-ahead market. The project completed its planned major maintenance in April, and capacity factor for May, the first full month of operation following the planned outage, was 99%. Year-to-date capacity factor, however, is closer to 70%, reflecting the planned outage.	Chinelo Chidozie
Petropower Energía Limitada (Chile) ( BBB/Stable )
The project continues to show a good operating performance, with annual availability of both the delayed coker and the cogeneration facility in line with expectations.	Pablo Lutereau
Power Contract Financing LLC (California, U.S.) ( BBB/Negative )
Standard & Poor's expects continued delivery and acceptance of power per the terms of the underlying agreements. As part of a review of all of Calpine Corp.'s rated entities following Calpine's bankruptcy filing, we revised the outlook on Power Contract Funding (PCF) to negative from stable. Although PCF is structured as a bankruptcy-remote entity, bankruptcy is fraught with uncertainty. This uncertainty is the driver of the negative outlook. Importantly, Calpine did not attempt to file PCF as part of its bankruptcy filing, as the structure continues to operate as planned.	Scott Taylor
Power Receivable Finance LLC (senior notes) (California, U.S.) ( BBB/Stable )
Standard & Poor's expects continued delivery and acceptance of power per the terms of the underlying agreements. Thus far, cash flow has been as projected, and this is expected to continue.	Scott Taylor
Power Receivable Finance LLC (subordinated notes) (California, U.S.) ( BB+/Stable )
See Power Receivable Finance LLC (senior notes).	Scott Taylor
PPL Montana LLC (Montana, U.S.) ( BBB-/Stable )
A new supply agreement through 2014 entered with Northwestern in June 2006 is a credit positive as it will provide longer-term net margin stability. While the FERC approved PPL Montana’s right to charge market based rates in May, a subsequent legal action by a state commissioner to overturn the FERC's authority over PPL Montana's plants highlights weak regulatory relationships. Continuation of high power prices in the Mid-Columbia region has resulted in stronger debt coverage in the first half of 2006.	Aneesh Prabhu
Orion Power Holdings Inc (Maryland, U.S.) ( B/Negative )
See Reliant Energy Inc.	Dimitri Nikas
Plum Point Energy Associates LLC (Arkansas, U.S.) ( B/Stable/3 )
Standard & Poor’s expects ratings stability in the near term as construction, which ensued June 2006, progresses. If Plum Point can execute its strategy of entering into further long-term power-purchase agreements, and this leads to a greater percentage of capacity under contract, the rating could improve.	Aneesh Prabhu
Primary Energy Finance (California, Indiana, Illinois, New Jersey, U.S.) ( BB-/Stable )
Primary Energy is a developer, owner and operator of on-site combined heat and power and recycled energy projects. Credit quality should not significantly deteriorate in the short term. For the 12 months ending March 31, 2006, performance data show that the plants operated well.	Daniel Welt
Proyectos de Energia, S.A. de C.V. (Mexico) ( BBB/Stable )
The securities issued by Monterrey Power are, among other aspects, secured by a pledge by Monterrey Power of its rights to receive this fixed quarterly payment from Comision Federal de Electricidad (CFE). Monterrey Power makes interest payments to the bondholders semiannually and can pay the entire principal amount in a single installment at maturity on November 2009. As of May 2006, CFE has made all quarterly payments as per the trust agreement. Standard & Poor's expects that Monterrey Power will fully meet the next payment, scheduled for November 2006.	Luis Manuel Martínez
Quezon Power Ltd. Co. (Philippines) ( B-/Negative )
For the period December 2005 to May 2006, operating performance was better than the fiscal 2005 trends, with plant availability being above 95% levels and dispatch approaching 80% levels. The higher level of variations in the dispatch levels, despite Quezon Power’s status as a base load generating station, reflects the sharp intraday variations in demand and Meralco’s power purchase commitments. Going forward, with the introduction of the time-of-day tariff structure, Standard & Poor’s expects a more stable demand situation in Meralco’s service area and less variations in dispatch of power from Quezon Power. This is likely to have a positive impact on the company’s operating performance. Debt servicing levels for 2005 was 1.6x. From 2006 to 2008, the company forecasts an average debt service coverage ratio of 1.55x.	Anshukant Taneja
Redbank Project Pty. Ltd. (Australia) ( BBB-/Negative )
Standard & Poor's is awaiting verification of the plant's operational capabilities by an independent engineer following the major outage undertaken in March 2006, which was executed according to plan; however, the report has been delayed due to legal impediments. Since the completion of the March outage, the amount of beneficiated-dewatered tailings (BDT) delivered has consistently increased to an average of 54.3% for the calendar year-to-date, above the 48% achieved in calendar 2005. The average gigajoules of BDT fired has also improved to about 55%. Both levels are above the 50% requirement. Redbank's year-to-date (June 30, 2006) annual capacity performance is tracking at 107%, above the 105% requirement. The debt service coverage ratio for the March 2006 and June 2006 quarters were 1.16x, slightly below the budgeted 1.20x but above the equity lock-up threshold (1.15x).	Lisa Barrett
Reliant Energy Inc. (Delaware, U.S.) ( B/Negative/B-3 )
Standard & Poor’s expects Reliant Energy Inc. to experience a financially weak 2006, mainly as a result of losses related to hedges in the wholesale business and the unfavorable price to beat arrangement in the retail business. While the company has terminated many of its wholesale hedges, these will take a few years to roll off. In addition, there is uncertainty as to how the retail market will develop starting in 2007, once the price to beat arrangement ends. While credit measures could begin to improve in 2007, Standard & Poor's is concerned that there could be a financial covenant breach in 2006, if the company's financial performance deviates from its plan.	Dimitri Nikas
Reliant Energy Mid-Atlantic Power Holdings LLC (Texas, U.S.) ( B/Negative )
See Reliant Energy Inc.	Dimitri Nikas
Riverside Energy Center (Wisconsin, U.S.)/ Rocky Mountain Energy Center (Colorado, U.S.) ( B/Negative )
Although the projects have not been filed into bankruptcy, the rating is linked to the rating on parent Calpine Corp., who owns 100% of the equity. Although the projects are bankruptcy remote from Calpine, a risk remains that the projects could be filed into bankruptcy at a future date if the independent directors feel that it is in the projects’ best interests.	Michael Scholder
Rowville Transmission Facility Pty. Ltd. (Australia) ( AAA/A (SPUR)Stable )
The second expansion to accommodate the installation of a third 500kV line is progressing well and is within budge and schedule. Completion is required by November 2007. All required funding is in place. Debt service coverage ratios are in line with expectations at around 1.9x.	Parvathy Iyer
Sacramento Cogeneration Authority (California, U.S.) ( BBB/Stable )
The project continued its history of strong operational performance with availability of 97.4% for the first six months of 2006 (100% according to the power-purchase agreement). Debt service coverage ratio for the twelve months ended March 31, 2006 was a strong 1.53x. The project is a key resource in Sacramento Municipal Utility District's (SMUD) generation portfolio. The ratings continue to be tied to the ratings on SMUD.	Michael Scholder
Sacramento Municipal Utility District Financing Authority (California, U.S.) ( AAA, BBB(SPUR)/Stable )
Construction of the project has essentially been completed and commercial operations began on Feb. 24, 2006. Final acceptance testing is complete except for net dependable capacity and that matter is expected to be completed shortly, slightly later that the June 30, 2006 date for acceptance specified in the power purchase and operating agreement. Prior to final acceptance, Sacramento Municipal Utility District (SMUD) remains obligated to make the debt service payments. After final acceptance, the 12 month warranty period will commence and the bonds will become a fully nonrecourse obligation to SMUD, which will thereafter make project revenue payments based on plant performance.	Michael Scholder
Sacramento Power Authority (California, U.S.) ( BBB/Stable )
The project continued its history of strong operational performance with availability of 95.45% for the first months of 2006 (100 % according to the power-purchase agreement). The debt service coverage ratio for the 12 months ended March 31, 2006 was an adequate 1.28x. The project is a key resource in Sacramento Municipal Utility District's (SMUD) generation portfolio, and the rating continues to be tied to the ratings on SMUD (A/Stable).	Michael Scholder
Salton Sea Funding Corp. (California, U.S.) ( BB+/Watch Pos )
Ratings on Salton Sea Funding Corp.'s senior secured bonds series C, E, and F ($269.7 million outstanding as of March 31, 2006) were placed on CreditWatch with positive implications on June 13, 2006, following amendments to the power purchase agreements that the projects in Salton Sea's geothermal portfolio have entered into with Southern California Edison (SCE). The amendments, subject to the approval of the California Public Utilities Commission, will result in an increase in the short-run avoided cost (SRAC) price, the energy price under the power purchase agreements, to 6.15 cents per kilowatt-hour (kWh) from May 1, 2007, to April 30, 2012, escalated 1% annually. The current price of 5.37 cents/kWh will remain in effect through April 30, 2007. This settlement strengthens cash flows at Salton Sea and provides more revenue certainty relative to the previous exposure to volatile gas prices that underlie the SRAC regulatory formula for the settlement.	Swami Venkataraman
Selkirk Cogen Funding Corp. (New York, U.S.) ( BBB-/Stable )
The project continues to operate very well and meet or exceed debt service coverage ratio projections. The debt service coverage ratio has come down from high levels above 2.0x prior to 2005, due to the gas supply agreements restructurings in 2005 and 2006. Nevertheless, coverages are still in line with the rating. The debt service coverage ratio for the 12 months ended March 31, 2006 was 1.7x and the capacity factors for both units were high in the first three months of 2006; 81% for Unit 1 and 82% for Unit 2. Availabilities were high as well, with no forced outages.	Elif Acar
Sithe/Independence Funding Corp. (New York, U.S.) ( B/Stable )
The project is a 100% owned subsidiary of Dynegy and bankruptcy remoteness provisions are not adequate to separate the ratings. Dynegy continues to pay under the tolling and the swap agreements, which have become like intracompany agreements, and will be able to recoup equity distributions from the project. Coverage in the 12 months ended March 31, 2005, was 1.6x. No major outages were reported.	Elif Acar
Southern Power Co. (Georgia, U.S.) ( BBB+/Stable )
The corporate credit rating and outlook are unchanged as a result of the Rowan and DeSoto plant acquisitions, new EnergyUnited full requirements agreement, new purchased-power agreements that will be supplied by the new plant, and participation in the Integrated Gasification combined-cycle unit in Florida, but these developments reflect an increase in business risk. The recent affiliate abuse settlement with parent Southern Co., Calpine Corp., and Coral Energy Holding L.P. is favorable, because it secures Southern Power Co.'s continued participation in the Southern pool. For the 12 months ended March 31, 2006, funds from operations to interest coverage was about 3.5x and adjusted total debt to total capital was about 58%.	Terry A. Pratt
Sutton Bridge Financing Ltd. (U.K.) ( BBB-/Stable )
The plant's performance shows continued high levels of dispatch for the project, with a high proportion of base load operation and limited requirement to two-shift (start-up and shutdown cycles), and stable financial performance. Actual achieved heat-rate values have fallen short of targets, although improvements are being realized. For both availability and heat rate, the company is protected for shortfalls under the operations and management agreement. EDF Energy bears the costs of any carbon allowances that must be purchased, although there is no commitment to do so after 2014.	Bill Ferara
Tenaska Alabama Partners L.P. ( BB-/Positive )
Tenaska Alabama was upgraded after a similar upgrade of its offtaker, Williams Cos Inc. The project has performed well, in large part due to good availability and lower than expected dispatch due to market conditions in Southeast Electric Reliability Council. For the 12 months ending March 31, 2006 the debt service coverage ratio was 1.49x.	Daniel Welt
Tenaska Alabama II Partners L.P. (Alabama, U.S.) ( BBB-/Stable )
TAP II performance has been in line with expectations. For the twelve months ending March 31, 2006 the debt service coverage ratio was 1.46x.	Daniel Welt
Tenaska Georgia Partners L.P. (TGP) (Georgia, U.S.) ( BBB-/Stable )
Tenaska Georgian continues to maintain high availabilities and perform well under a near-zero dispatch scenario. For the 12 months ending March 31, 2006 the debt service coverage ratio was 1.4x.	Daniel Welt
Tenaska Oklahoma I LP ( BB-/Stable )
The rolling twelve month debt service coverage ratio for the year ending March 31, 2006 was 1.53x at the operating company and 1.32x on a consolidated basis. An outage in late June 2006 due to the failure of a generator bushing is expected have a net negative cash impact of about $1.8 million, or approximately .025x at the operating company level, ignoring timing differences. The plant has been brought back online and the outage appears to have been an isolated problem that has been fully resolved.	Daniel Welt
Tenaska Virginia Partners L.P. (Virginia, U.S.) ( BBB-/Stable )
Operating and financial performance were strong in the first quarter of 2006. The debt service coverage ratio for the 12 months ended March 31, 2006 was 1.63x or 1.45x excluding a one-time refund.	Daniel Welt
Tenaska Washington Partners L.P. (TWP) (Washington, U.S.) ( BBB-/Stable )
First quarter performance was strong, with high displacement revenue. The debt service coverage ratio for the 12 months ended March 31, 2006 was 2.18x.	Daniel Welt
TermoEmcali Funding Corp. (Colombia) ( CCC+ )
The rating on the Notes reflects the high degree of uncertainty on Emcali’s ability and willingness to honor its payment obligations with TermoEmcali under tranche E. Based on Emcali’s weak historical financial position, as well as on the absence of recent track record signaling a significant financial improvement, we are of the opinion that Emcali’s financial profile remains vulnerable. Although Standard & Poor’s considers that Emcali’s suspension of payments to TermoEmcali in 2003 under the power-purchase agreement raises questions regarding Emcali’s willingness to honor its tranche E obligations in a scenario of tight liquidity, since the restructure Emcali has met all scheduled payments under the tranche E notes.	Luis Manuel Martínez
Utility Contract Funding LLC (New Jersey, U.S.) ( BBB-/Watch Dev )
The rating on Utility Contract Funding (UCF) is equivalent to the lower of Public Service Electric & Gas (PSE&G; BBB/Watch Dev/A-3) senior unsecured rating and Morgan Stanley’s (A+/Stable/A-1), the power supply guarantor, senior unsecured rating, pursuant to our “weak link” rating methodology. Standard & Poor's expects UCF to continue to operate as structured going forward. The rating is on CreditWatch with developing implications, mirroring that of PSE&G.	Scott Taylor
VeraSun Energy Corp. (South Dakota, U.S.) ( B-/Watch Pos )
In its June IPO, VeraSun's shares priced above the initial range and insiders were able to sell more than the number of shares originally anticipated. Proceeds to the company were better than expected, reducing the risk that proceeds and operating cash flow will not be sufficient to build new plants in Minnesota and northwest Iowa. Operating and financial performance were good in the first quarter of 2006 and the near-term environment for ethanol producers continues to be very favorable.	Daniel Welt
Windsor Financing LLC (Virginia; North Carolina) ( BBB-/Stable )
Windsor's first quarter of operation since the refinancing was below budget due to the timing of financial close and delays getting the FERC approvals necessary for providing substitute energy from PJM.	Daniel Welt
Wolf Hollow I LP (Texas, U.S.) ( BB-/Stable )
First quarter 2006 was below expectations, largely because the planned outage was expanded in scope and duration. The outage should yield capacity and heat rate benefits that increase revenues and mitigate losses on dispatch under the Exelon power-purchase agreement, but will negatively impact performance for the year.	Daniel Welt
Transport
Autolink Concessionaires (M6) PLC (U.K.) ( AAA (insured); BBB+/Stable (SPUR) )
In-line with recent project performance, Autolink has revised downwards its traffic growth assumptions to 1% per annum. The banding structure of the payment mechanism, however, continues to protect revenues from any significant impairment. A dispute between Autolink and the construction joint venture regarding early failure on parts of the new works pavement has not been resolved through discussions, and will now proceed via the courts. The last run of the financial model demonstrated credit ratios in-line with Standard & Poor’s expectations at 1.26x (minimum) and 1.64x (average).	Robert Bain
Autopista de Cuota Puebla (Mexico) ( mxAAA )
The toll road covered its third coupon payment of around 3.4 million UDIS showing a debt service coverage ratio of 1.39x. The next coupon payment is scheduled in August 2006. Currently, the line of credit granted by Banobras (mxAAA) covered 57% of the total outstanding debt--originally 53%--as debt amortizes. The line of credit will continue to increase as a percentage of debt outstanding.	Fabiola Ortiz
Autopista Monterrey-Cadereyta (Mexico) ( AAA )
A tariff increase from MxP$18 to MxP$22 for auto users commuting to and from the airport was implemented on March 2006. This tariff increase did not have a considerable effect on toll road traffic. We anticipate that traffic will remain robust in accordance with our original projections. On June 16, 2006, the third debt-service payment of MxP$45.1 million was fully met as scheduled, and a principal prepayment of MxP$15.3 million was made from the toll road's excess cash. The next payment is scheduled for December 2006.	Luis Manuel Martínez
Autopista Tijuana-Mexicali (Mexico) ( mxBBB+/Stable )
During the second quarter, the toll road covered its coupon payment of 17.5 million UDIs (an amortization of 4.20% of the original debt amount). Given the available excess cash, the reserve account received approximately $5 million pesos during the coupon payment. The next debt service payment will be on October 2006 and it is expected that the toll revenues will be sufficient to cover the debt service obligations and to continue funding the reserve account.	Fabiola Ortiz
Autopista Cardel-Veracruz (Mexico) ( mxAA+/Stable )
On May 15, 2006, the trust covered its seventh coupon payment for approximately 14.5 million UDIs. Moreover, the Serie X received an additional 11.7 million UDIs since the reserve account was fully funded. The debt service coverage ratio for the period (December 2005-May 2006) was 1.76x. Traffic and revenues continue to have a consistent growth. During the second quarter of 2006, traffic increased by 16% compared with the previous year, while revenues increased by 18% during the same period, mainly due to the important increase showed in April by 33% due to the Easter vacations.	Fabiola Ortiz
Autopistas Armería-Manzanillo y Ecatepec-Pirámides (Mexico) ( AAA )
On May 18, 2006, the toll road covered its sixth coupon payment for a total amount of MxP$93 million, as scheduled. The next coupon payment is scheduled for November 2006. In addition to the financial guaranty insurance policy, the balance on the debt-service reserve account is approximately MxP$295 million, which covers the next three debt service payments. Finally, the issue does not have provisions to incur additional debt, nor do the notes have other lines of credit. For the 12 months ending February 2006, the toll road registered an increase in traffic of 2% and an increase in income of 6%, respectively.	Fabiola Ortiz
Autopistas de Chihuahua (Mexico) ( mxAA+/Stable )
The debt service coverage ratio was 2.48x during the coupon payment. The balance of the debt service reserve is sufficient to cover the next five semiannual coupon payments, in accordance with the financing documents. During the second quarter of 2006, traffic and revenues showed an increase of 8% and 9% compared with the same period of last year, respectively.	Fabiola Ortiz
Autopistas del Maipo Sociedad Concesionaria S.A. (Chile) ( AAA )
The rating on Maipo’s US$421 mil 7.373% with final maturity in 2022 depends solely on an unconditional and irrevocable guarantee provided by MBIA.	Pablo Lutereau
Autovia del Camino S.A. (Spain) ( AAA (insured) prelim;BBB (SPUR)/Stable )
A preliminary 'AAA' long-term insured debt rating and a 'BBB' long-term preliminary underlying debt rating (SPUR) was assigned to the refinancing of Spanish road concessionaire Autovía del Camino S.A. (Camino). The refinancing consists of a €175 million senior secured European Investment Bank loan due 2029 and a €135 million senior secured commercial bank loan due 2030. The outlook on the SPUR is stable. Camino is a shadow toll road in the Autonomous Community of Navarre (a region in northern Spain). On July 2, 2002, the region granted a 30-year concession to Camino to design, build, and operate under a shadow toll regime a 70-kilometer (km) road linking the cities of Pamplona and Logroño.	Lidia Polakovic
Bina Istra d.d. (Croatia) ( BB+/Stable )
Financial contributions continue to be received from the state. All construction works are due to be completed by September 2006 (ahead of schedule). The project continues to perform without recourse to debt service or working capital reserves. A planned refinancing for late 2007 is expected to achieve large savings through a downwards adjustment to interest rates. In summary, the project is performing well and beyond Standard & Poor’s base-case expectations.	Robert Bain
Blue Water Bridge Authority (Canada) ( AA-/Stable )
For the first three quarters of fiscal 2006 (ended May 31, 2006), car traffic for the BWBA was up 2.4%, while truck traffic was down 0.7%, compared to the first three quarters of fiscal 2005. The combination resulted in a 1.6% increase in toll revenue and a 1.9% decrease in cash from operations for the first three quarters of fiscal 2006 compared to the first three quarters of the prior year. On an annualized basis, the authority posted a DSCR of 1.7x for fiscal 2006. This result is slightly weaker than the annual debt service coverage ratio (DSCR) for fiscal 2005 (ended Aug. 31, 2005), which at 1.8x, was already weak for the 'AA-' level. The result was, however, anticipated in the most recent corporate plan, which also predicts an average DSCR of 1.8x in the medium term. The BWBA has for many years benefited from substantial rate-setting autonomy. Although Canada recently published draft legislation that would facilitate the government’s ability to constrain tolls operators may charge, we do not expect this to materially constrain BWBA’s rate-setting power.	Nikola Swann
Carretera Viaducto La Venta-Punta Diamante (Mexico) ( mxAA/Stable )
During the first semester of 2006, traffic and revenues increased by 15% and 17%, respectively, compared with the same period of 2005. The structure of the MxP$215 million debt certificates due 2021, had adequate financial funds (debt service equivalent to 12 months of debt service, as well as a major maintenance reserve), and cash distributions are not allowed until all debt outstanding is fully paid (zero cash flow).	Fabiola Ortiz
Compania de Desarrollo Aeropuerto El Dorado, S.A. (Colombia) ( BB/Positive )
Air traffic continues below the original projections. However, the 30% minimum revenue guarantee from AEROCIVIL held in cash and the income from operations are enough to meet debt service obligations. Total debt outstanding is US$66.1 million and the next debt-service payment is on November 2006, for US$6.4 million. Standard & Poor's expects El Dorado Airport will continue to fully cover its obligations.	Luis Manuel Martínez
Corredor Sur (Panama) ( BBB-/Stable )
Toll revenues increased by 12.2% during the first quarter 2006, relative to the same period in the previous year. This increase is mainly explained by traffic growth of 12.6%, which continues to be driven by real estate projects along the corridor, adequate tariff management, and a favorable economic environment. All reserve accounts are funded to the required levels. Standard & Poor's expects that traffic growth will continue to be strong, and that revenue generation will be sufficient to meet all scheduled debt service payments. The average debt service coverage ratio (DSCR) of 1.59x during the first half of 2006 exceeded our projections under our base case scenario. On May 25, 2006, the toll road covered its fourth debt service payment. The next debt service payment is scheduled for August 2006.	Luis Manuel Martínez
CountyRoute (A130) PLC senior secured (U.K.) ( BBB/Stable; BB/Stable subordinate )
Recent traffic performance has been strong, with CountyRoute recording volumes 3.2% higher than expected on the project road. The longer-term trend, however, remains in-line with Standard & Poor’s expectations. Reliability of traffic counting equipment has improved. This is important as equipment failures had earlier led Essex County Council to impose six penalty points on the road operator. These penalty points are well below the threshold at which the operator would face financial penalties, however. Finally land compensation claims continue to be settled by CountyRoute, in-line with budgetary expectations.	Robert Bain
Eurotunnel S.A. senior secured debt (U.K., France) ( C/Watch Neg )
On July 13, 2006, the senior secured bank loan rating on Eurotunnel S.A. was lowered to 'C' from 'BBB'. This followed the announcement that Eurotunnel will now seek to place itself under the protection of the Commercial Court in Paris, pursuant to the French law "procédure de sauvegarde", a kind of Chapter 11, after the breakdown of negotiations between Eurotunnel and its creditors. The debt ratings on Eurotunnel were not lowered to 'D' (which would indicate a default) as Eurotunnel has sufficient cash to service its debt payments until January 2007, although on July 25, and in absence of an agreement with the creditors, the French Court could decide that the company stops honoring its debt service obligations. Eurotunnel’s operating results during the first six months of 2006 were good: revenue has progressed plus 2% compared with the first half of 2005 supported by growth in shuttle services activity (plus 3%), the group’s core business. Together with a 9% reduction in operating costs, operating margin rose a healthy 12%, representing a record level of 58% of revenues.	Alexandre de Lestrange
Highway 407 International Inc. (Canada) ( A/Stable )
The outlook on the 407 International remains stable. The stable outlook continues to reflect the company's continuing robust traffic and revenue performance, its unfettered ability to raise tolls, and strong service area. Traffic performance remained robust through the second quarter of 2006. Total vehicle kilometers (VKTs) traveled increased 3.2% on a year to date bases through the second quarter over the same period a year ago to 1,006 million kilometers. This builds on a solid gain of 5.3% in VKTs in 2005. Revenue performance was in line with expectations in the second quarter. Revenues were up 8.5% to C$117.4 million in the second quarter, while EBITDA totaled C$92.4 million. This compares with C$84.1 million in the second quarter of 2005. Debt service coverage ratios are projected to remain in line with Standard & Poor's expectations in the 1.5x-2.0x range. The ratings of the 407 International are constrained by the company's rising leverage and complex capital structure.	Mario Angastiniotis
Highway Management (City) Finance PLC (U.K.) ( AAA (insured); BBB/Stable (SPUR) prelim )
This project was first rated in January 2006 and remains at the earliest stages of construction. Although early, to date construction progress is reported to be good. However, an issue with statutory undertakers regarding diversion of an electricity cable has been delayed. This is presently being resolved with the utility company. Monitoring performance on the existing sections of road (inherited as part of this concession) demonstrates that 100% availability is being achieved.	Robert Bain
Hong Kong Link 2004 Ltd. (Hong Kong) ( AA/Stable )
Debt service coverage is around 1.8x, better than original projections. The reserve account was funded as required, and prepayments on the Class A2 notes are also in line with expectation. About HK$110 million is being accumulated each quarter to repay the HK$880 million tranche A retail bonds due in 2007. Standard & Poor's expects stable cash flow for the toll facilities over the next few months.	John Bailey
Lane Cove Tunnel Finance Co. Pty. Ltd. (Australia) ( AAA/BBB- (SPUR)Stable )
Construction continues to progress well, with about 86% of the stage 1 works completed. Completion of stage 1 works is expected before May 2007, the contractually required date. Rectification works on the collapsed ramp are well underway with construction activities also updated to reflect the revised construction method for the rectification works. Implementation of the tolling system continues to be carefully managed to ensure that completion is achieved by May 2007. Management of marketing activities continues to be focused, with public relations initiatives expected to improve potential users' awareness and understanding of the road's benefits and reduce traffic risk during the ramp-up period. On March 22, Standard & Poor's completed the annual review and affirmed LCT's SPUR and credit wrapped rating.	Andrew Palmer
Libramiento de Matehuala (Mexico) ( AAA )
The issue has a significant credit protection provided by the XL's unconditional and irrevocable guarantee of payment of scheduled interest and principle on the notes. Automobiles continued to be the main users of the road (50% of the total traffic), followed by trucks (45%) and passenger buses (5%). However, trucks generate 74% of the total revenues. Under Standard & Poor’s base case scenario, Libramiento de Matehuala’s cash generation will be adequate to maintain an average debt service coverage ratio of 1.39x and a minimum of 1.27x. The debt service reserve was funded upfront with issue proceeds and will maintain at all times the greater amount of 7.65% of the outstanding debt or 12 months of debt service payments.	Fabiola Ortiz
Libramiento Plan del Rio (Mexico) ( mxAAA/Stable )
During the second quarter of 2006, the bypass' traffic increased by 13% compared with the same period of 2005. The road generated sufficient cash flow to meet its coupon for approximately $9 million pesos. The senior debt service coverage ratio as of June was 1.57x. On the other hand, interests on the subordinated debt were covered as the debt service reserve fund was completely funded. The concessionaire’s investment is fully subordinated because all the excess cash will be used to amortize debt, since it is a zero cash flow structure.	Fabiola Ortiz
M6 Duna Autópálya Koncessiós Zártkörüen Mükodö Eszvénytársaság (M6 Duna)(Hungary) ( AAA (insured) )
The project has obtained the temporary license to operate and the minister has issued the interim acceptance certificate, which certifies the interim completion of the M6. With these certificates the M6 Duna has officially entered into operations on June 11, 2006. The Hungarian government has granted a 22-year concession (which can be extended an additional 11 years) to M6 Duna to design, finance, construct, operate, and maintain section 2 of Hungary’s M6 motorway—the 58 km stretch from Erdi-teto to Dunajvaros, where the M6 will intersect the planned M8 (which will run from east to west). In return, the company will receive a monthly availability fee from the state over the life of the concession. The construction will involve two lanes in each direction, according to EU standards. At the end of the concession, all of the assets will revert to the Hungarian government.	Lidia Polakovic
Metronet SSL Finance PLC and Metronet BCV Finance PLC (U.K.) ( BBB/Negative )
Availability performance has improved in the last half of 2005/2006 and is now performing better than benchmark, in particular, the performance in the Central Line is good. However, high profile engineering works overruns have subtracted from this positive record in recent weeks. The capital works programme for line upgrades is generally progressing on time or ahead of schedule. However, the station enhancement works remains the key issue to be tackled with delivery to date poor. Metronet management are currently formalizing an achievable recovery plan to tackle this issue.	Jonathan Manley
New Brunswick (F-M) Project Co. Inc. (Canada) ( AA-/Stable )
The 195-kilometer highway project is rated on par with the Province of New Brunswick, because of the province's unconditional obligation to cover debt service payments on the highway bonds until final maturity. The highway, completed ahead of schedule in October 2001, is an important link between the provincial capital, Fredericton, and the city of Moncton. Any change in the ratings or outlook on the province would result in the same action on the project company's obligations. The province's rating outlook remains stable.	Mario Angastiniotis
Promotora y Administradora de Carreteras S.A. de C.V. (Mexico) ( AAA )
Traffic on the toll road increased 15% compared with the same period of last year. In revenue terms, the road showed a slightly decrease of 2% due to the toll road's average tariff reduction of approximately 50% in May 2006. The current tolls (MxP2.60 per kilometer) continue to be more expensive than the national average (MxP1.27 per kilometer). The first coupon payment will be in August 2006 of around 5 million UDIs.	Fabiola Ortiz
Road Management Consolidated PLC (U.K.) ( AAA (insured); BBB/Stable (SPUR) )
The project continues to experience lower-than-expected traffic volumes on the A1(M). Light vehicles are now 11% below the original lenders’ base-case. Historically, this had been offset by higher-than-expected usage of the other project road (the A419/A417); however, recent trends indicate that traffic on this road is also falling below the original lenders' base case. Although the compensating effect of having the two roads together is being eroded, the banding structure in the payment mechanism continues to insulate RMC from impaired revenues. Earlier-than-expected repairs to the carriageway on the A1(M) has led to a claim being lodged by RMC with their insurers. The financial model, however, continues to perform adequately against a zero traffic growth stress test.	Robert Bain
Sociedad Concesionaria Autopista Central S.A. (Chile) ( AAA )
As of March 2006, more than 90% of the road was opened for collection, while basic construction is about 98.5% complete. Although the project experienced some delays in the start up, given the protections of the structure (particularly, the first three years of the life of the bonds have capitalized interest payments), the financial performance is not expected to be affected.	Pablo Lutereau
Sociedad Concesionaria Costanera Norte S.A. (Chile) ( AAA )
On June 22, 2006, we affirmed the 'BBB' underlying rating following receipt of final documentation about the change of control and new subordinated debt to be taken on by the project. We believe that the change of control will not affect the credit standing of the project, because the new sponsors’ credit quality is sound and because they are expected to assume all the guarantees under the existing financing documents. In addition, given the subordinated nature of the new debt and the expectation that the repayment of this new obligation will follow the provisions established in the financing documents for subordinated debt, the obligation should not affect the credit quality of the rated securities either.	Pablo Lutereau
Sociedad Concesionaria Vespucio Norte Express S.A. (Chile) ( AAA )
On Jan. 5, 2006, the project started operations with about 98% of civil works finished and 100% of collecting points opened for collection. Although the concessionaire decided to delay the start of operations, we do not expect a significant impact in the financial performance since the structure provides strong protections (particularly three years of capitalized interest).	Pablo Lutereau
Société Marseillaise Du Tunnel Prado-Carénage (SMPTC) (France) ( AAA (insured) )
SMTPC's underlying credit quality demonstrates a stable-to-positive performance. Traffic growth was robust at 4.1% in first half of 2006, which was above expectations of 2% per year. Turnover in 2006 should grow more moderately than in 2005 (8.5%), given the absence of a tariff increase but more than expected given traffic growth on the first half of 2006. Total senior secured debt has declined to an estimated €86.6 million in June 2006, from €91.8 million at year-end 2005.	Alexandre de Lestrange
Talca-Chillán Sociedad Concesionaria (TaChi) ( AAA )
During 2006, the project's performance continued satisfactory, with both traffic and revenues slightly above budget. In addition, significant cost savings also helped cash flow generation. We expect the project to continue performing well, in line with Chilean economy growth prospects.	Pablo Lutereau
Transurban Finance Co. (CityLink) (Australia) ( A-/Stable )
The CreditWatch reflects Transurban's acquisition of the U.S. based Pocahontas Parkway toll road. Also weighing on the rating is the proposed expansion of the Citylink toll road in partnership with the Victorian State government and the associated prepayment of concession notes valued at about $600 million. The CreditWatch is expected to be resolved in the near term following the assessment of the impact of these transactions on Transurban's credit profile. Traffic growth on the Citylink road moderated in the June quarter to 0.6%, with revenue up almost 11%. Offsetting Citylink's lower traffic growth, the Hills M2 road is experienced robust growth of 12% in the June quarter and Westlink also continues its gradual ramp up, although average trip length continues to be longer than anticipated contributing to solid revenues. Both Hills M2 and Westlink are expected to benefit from any early opening of the Lane Cove Tunnel.	Richard Creed
Tube Lines (Finance) Ltd. (U.K.) ( AAA(insured) )
In terms of operations, the availability performance continues to improve including some marginal improvement on the Northern Line. The negotiations continue between Tubelines, Alstom, and LUL in regards the pre-PPP Northern Line Rolling Stock contract to facilitate a further improvement in Northern Line performance. However, no immediate resolution is likely. The Corrective Action Notice, disputed by Tubelines, remains in place. All major projects remain on plan--there are some bedding-in issues with the seventh car on the Jubilee Line--but positive steps being made on both station enhancements and escalator works. The financial performance in fiscal 2006 was to budget. EBIT of £126.2 million on a slightly higher than expected turnover of £962.1 million. Tubelines' liquidity position remains very strong with £172.6 million cash on deposit (plus £50 million debt service reserve) against £50-£60 million p.a. debt service costs.	Jonathan Manley
Tube Lines (Finance) Ltd. (U.K.) ( AA/Stable )
See above.	Jonathan Manley
Tube Lines (Finance) Ltd. (U.K.) ( BBB/Stable )
See above.	Jonathan Manley
Tube Lines (Finance) Ltd. (U.K.) ( BBB-/Stable )
See above.	Jonathan Manley
Tube Lines (Finance) Ltd. (U.K.) ( BB/Stable )
See Above	Jonathan Manley
*Ratings are as of Jul. 28, 2006

Table 2 Recent Rating/Outlook/CreditWatch Actions*
Issuer	To	From	Date	Reason
AES Ironwood LLC (Pennsylvania, U.S.)	B+/Stable	B+/Positive	May 3, 2006	The stable outlook reflects Standard & Poor's view that even if it did raise the rating on The Williams Power Co. Inc, to whom AES Ironwood sells its entire capacity and energy, the rating on the project would remain 'B+' due to the inherent risks of the project.
AES Red Oak LLC (New Jersey, U.S.)	B+/Stable	B+/Positive	July 12, 2006	The stable outlook reflects Standard & Poor's view that even if it did raise the rating on The Williams Power Co. Inc, to whom AES Ironwood sells its entire capacity and energy, the rating on the project would remain 'B+' due to the inherent risks of the project.
Alte Liebe 1 Ltd. (Germany)	AAA (insured) prelim;BBB- (SPUR)/Stable	N.R.	May 5, 2006	New rating.
Autovia del Camino S.A. (Spain)	AAA (insured) prelim;BBB (SPUR)/Stable	N.R.	May 23, 2006	New rating.
Aventine Renewable Energy Holdings Inc. (Illinois, U.S.)	B+/Stable	B-/Stable	July 24, 2006	The rating action followed the company's successful completion of a tender offer for all of its $160 million senior secured notes due in 2011. Of the $160 million notes outstanding, $155 million were tendered and accepted.
CE Generation LLC (U.S.) (California, U.S.)	BB-/Watch Pos	BB-/Positive	June 13, 2006	Ratings on CE Generation LLC's senior secured notes were placed on CreditWatch with positive implications on June 13, 2006 following amendments to the power purchase agreements that the projects in Salton Sea's geothermal portfolio have entered into with Southern California Edison. This settlement strengthens cash flows at Salton Sea and provides more revenue certainty relative to the previous exposure to volatile gas prices that underlie the short-run avoided cost regulatory formula for the settlement.
Cheniere LNG Holdings LLC (Texas, U.S.)	BB/Watch Neg	BB/Stable	July 25, 2006	Ratings were placed on CreditWatch with negative implications on July 25, 2006 following parent Cheniere Energy Inc.'s announcement on July 21, 2006, that CLH's wholly owned limited partnership, Sabine Pass LNG L.P. had closed an amended and restated $1.5 billion senior secured credit facility to finance the proposed expansion of the Sabine Pass LNG terminal (Sabine Pass) to 4 billion cubic feet (bcf) per day from the original 2.6 bcf/day. This increase in secured debt at Sabine Pass LNG, without commensurate additional contracted cash flow, will significantly lower debt service coverage ratios on a consolidated basis.
Coleto Creek WLE L.P. (Texas, U.S.)	B+/Stable	BB/Stable	June 27, 2006	Financial performance will be weaker than previously given the substantially higher debt levels now, a fact reflected in the lower ‘B+’ rating for the first-lien debt.
Consort Healthcare (Birmingham) Funding PLC (U.K.)	AAA (insured) prelim; BBB- (SPUR)/Stable	N.R.	June 1, 2006	New rating.
Edison Mission Energy (California, U.S.)	B+/Positive	B+/Stable	May 11, 2006	The positive outlook reflects the expectation that Edison Mission Energy's financial position will improve once the proposed tender and refinancing is completed.
Edison Mission Energy Funding Corp. (Big 4) (Delaware, U.S.)	B+/Positive	B+/Stable	May 11, 2006	The outlook revision reflects the expectation that the owner's, Edison Mission Energy, financial position is expected to improve once the proposed tender and refinancing is completed.
Elwood Energy LLC (Illinois, U.S.)	B+/Watch Pos	B+/Stable	June 16, 2006	The CreditWatch listing follows an announcement by Aquila Inc. (B-/Watch Pos/B-3), one of the project's power offtakers, that it will pay Constellation Energy Commodities Group Inc., a subsidiary of Constellation Energy Inc. (BBB+/Watch Dev/A-2) $218 million to assume its obligations under a power sales agreement with the project. This assignment, when conclude, significantly reduces credit risk, but should not affect the cash flow generation in the project.
Eurotunnel S.A. senior secured debt (U.K., France)	C/Watch Neg	BBB/Watch Neg	July 13, 2006	On July 13, 2006, the senior secured bank loan rating on Eurotunnel S.A. was lowered to 'C' from 'BBB'. This follows the announcement that Eurotunnel will now seek to place itself under the protection of the Commercial Court in Paris, pursuant to the French law "procedure de sauvegarde", a kind of Chapter 11, after the breakdown of negotiations between Eurotunnel and its creditors.
Hawkeye Renewables LLC (Iowa, U.S.)	N.R.	B/Stable	July 7, 2006	Rating withdrawn.
Hong Kong Link 2004 Ltd. (Hong Kong)	AA/Stable	AA-/Positive	July 27, 2006	Standard & Poor's raised its local and foreign currency long-term corporate credit ratings on ten of Hong Kong's leading financial institutions and companies to 'AA' from 'AA-'. Hong Kong Link 2004 Ltd. Was one of the 10 companies and financial institutions affected.
Indiantown Cogeneration Funding Corp./Indiantown Cogen L.P. (Florida, U.S.)	BB+/Negative	BB+/Stable	July 12, 2006	The outlook revision reflects our increasing concerns over the project's continuing mismatch between its energy payments received from Florida Power & Light Co. and its actual coal costs, which leads to low debt service coverage ratios.
InspirED Education (South Lanarkshire) PLC	AAA (insured);BBB- (SPUR) prelim/Stable	N.R.	June 8, 2006	New rating.
La Paloma Generating Co (California, U.S.)	BB-/Negative	BB-/Stable	July 25, 2006	The revised outlook reflects La Paloma's vulnerable financial performance because of depressed market power prices that resulted from robust regional hydroelectric conditions. These problems were compounded by operational issues.
Linden Ltd. (New Jersey, U.S.)	N.R.	BBB+/Stable	July 28, 2006	Rating withdrawn.
LSP Gen Finance Co. LLC (California, Arizona, New England, U.S.)	BB-/Stable; B/Stable	N.R.	June 6, 2006	New rating.
Midwest Generation LLC (Midwest Gen) (Illinois, U.S.)	B+/Positive	B+/Stable	May 11, 2006	The outlook revision reflects the expectation that the owner's, Edison Mission Energy, financial position is expected to improve once the proposed tender and refinancing is completed.
MPC Funding Ltd. (Australia)	AAA (prelim)	N.R.	July 17, 2006	New rating.
NewHospitals (St. Helens and Knowsley) Finance PLC	AAA prelim (insured);BBB (SPUR)/Stable	N.R.	May 24, 2006	New rating.
Northeast Biofuels LLC (New York, U.S.)	B+/Stable	N.R.	June 8, 2006	New rating.
Northeast Generation Co. (NGC; Connecticut, U.S.)	B+/Watch Dev	B+/Developing	July 25, 2006	The rating action follows parent Northeast Utilities' announcement that they have reached an agreement with Energy Capital Partners to purchase NU's competitive generation assets, including the assets of Northeast Generation.
Octagon Healthcare Funding PLC (U.K.)	AAA (insured); BBB (SPUR)/Watch Neg	AAA (insured); BBB+ (SPUR)/Stable	July 10, 2006	On July 10, 2006, we downgraded Octagon to ‘BBB’ from ‘BBB+' and put the ratings on the CreditWatch with negative implications due to our concerns regarding the project's failure to manage the debt service reserve requirement.
Port Arthur Finance Corp. (Texas, U.S.)	BBB/Watch Pos	BBB	June 14, 2006	Port Arthur Finance Corp.'s rating moves along with Valero Energy Corp.'s senior unsecured rating, which was placed on CreditWatch with positive implications.
Salton Sea Funding Corp. (California, U.S.)	BB+/Watch Pos	BB+/Positive	June 13, 2006	Ratings on Salton Sea Funding Corp.'s senior secured bonds series C, E, and F were placed on CreditWatch with positive implications on June 13, 2006, following amendments to the power purchase agreements that the projects in Salton Sea's geothermal portfolio have entered into with Southern California Edison. This settlement strengthens cash flows at Salton Sea and provides more revenue certainty relative to the previous exposure to volatile gas prices that underlie the short-run avoided cost regulatory formula for the settlement.
Tenaska Alabama Partners L.P.	BB-/Positive	B+/Positive	May 5, 2006	Standard & Poor's raised its rating on Tenaska Alabama Partners L.P.'s $361 million 7% senior secured bonds due in 2021 to 'BB-' from 'B+', following a similar rating action on The Williams Cos. Inc. (BB-/Positive/B-2).
Transurban Finance Co. Pty. Ltd. (TFC) (Australia)	A-/Watch Neg	A-/Stable	May 2, 2006	The rating action reflected primarily the company's acquisition of U.S.-based Pocahontas Parkway toll road
*Dates represent the period from April 29, 2006 to July 28, 2006, covered by this report card.

Table 3 Contact Information
Analyst Name	Location	Phone Number	E-mail
Elif Acar	New York	(1) 212-438-6482	elif_acar@standardandpoors.com
Mario Angastiniotis	Toronto	(1) 416-507-2520	mario_angastiniotis@standardandpoors.com
John Bailey	Hong Kong	(852) 2533-3530	john_bailey@standardandpoors.com
Robert Bain	London	(44) 20-7826-3520	robert_bain@standardandpoors.com
Lisa Barrett	Melbourne	(61) 3-9631-2081	lisa_barrett@standardandpoors.com
David Bodek	New York	(1) 212-438-7969	david_bodek@standardandpoors.com
Leo Carrillo	San Francisco	(1) 415-371-5077	leo_carrillo@standardandpoors.com
Chinelo Chidozie	New York	(1) 212-438-2000	chinelo_chidozie@standardandpoors.com
José Coballasi	Mexico City	(52) 55-5081-4414	jose_coballasi@standardandpoors.com
Marcelo Costa	Sao Paulo	(55) 11-5501-8955	marcelo_costa@standardandpoors.com
Richard Creed	Melbourne	(61) 3-9631-2045	richard_creed@standardandpoors.com
Grace Drinker	New York	(1) 212-438-7458	grace_drinker@standardandpoors.com
Ralf Etzelmueller	Frankfurt	(49) 69-3399-9123	ralf_etzelmueller@standardandpoors.com
Bill Ferara	London	(44) 20-7176-3519	bill_ferara@standardandpoors.com
Juliana Gallo	Sao Paulo	(55) 11-5501-8948	juliana_gallo@standardandpoors.com
Ian Greer*	Melbourne	(61) 3-9631-2032	ian_greer@standardandpoors.com
Holly Harper	New York	(1) 212-438-2017	holly_harper@standardandpoors.com
Jodi Hecht	New York	(1) 212-438-2019	jodi_hecht@standardandpoors.com
Parvathy Iyer	Melbourne	(61) 3-9631-2034	parvathy_iyer@standardandpoors.com
Cheow Hon Lee	Singapore	(65) 6239-6301	cheowhon_lee@standardandpoors.com
Mark Legge	Melbourne	(61) 3-9631-2041	mark_legge@standardandpoors.com
Maria Lemos	London	(44) 20-7826-3749	maria_lemos@standardandpoors.com
Alexandre De Lestrange	Paris	(33) 1-4420-7316	alexandre_delestrange@standardandpoors.com
Paul Lund	London	(44) 20-7176-3715	paul_lund@standardandpoors.com
Pablo Lutereau	Buenos Aires	(54) 114-891-2125	pablo_lutereau@standardandpoors.com
Jonathan Manley	Melbourne	(61) 3-9631-2046	jonathan_manley@standardandpoors.com
Luis Manuel Martínez	Mexico City	(52) 55-5081-4462	luis_martinez@standardandpoors.com
Katherine Medernach	New York	(1) 212-438-1356	katherine_medernach@standardandpoors.com
Ravi Myneni	New York	(1) 212-438-2422	ravi_myneni@standardandpoors.com
Karim Nassif	London	(44) 20-7176-3677	karim_nassif@standardandpoors.com
Dimitri Nikas	New York	(1) 212-438-7807	dimitri_nikas@standardandpoors.com
Fabiola Ortiz	Mexico City	(52) 55-5081-4449	fabiola_ortiz@standardandpoors.com
Andrew Palmer	Melbourne	(61) 3-9631-2052	andrew_palmer@standardandpoors.com
Jan Willem Plantagie*	Frankfurt	(49) 69-3399-9132	jan_plantagie@standardandpoors.com
Lidia Polakovic*	Madrid	(34) 9-1389-6951	lidia_polakovic@standardandpoors.com
Terry A. Pratt	New York	(1) 212-438-2080	terry_pratt@standardandpoors.com
Magdalena Richardson	London	(44) 20-7176-3647	magdalena_richardson@standardandpoors.com
Michael Scholder	San Francisco	(1) 415-371-5013	michael_scholder@standardandpoors.com
Arthur Simonson*	New York	(1) 212-438-2094	arthur_simonson@standardandpoors.com
Arleen Spangler*	New York	(1) 212-438-2098	arleen_spangler@standardandpoors.com
B. Sperling-Tyler*	London	(44) 20-7176-3687	beata_sperling-tyler@standardandpoors.com
Peter Stephens	Melbourne	(61) 3-9631-2078	peter_stephens@standardandpoors.com
Nikola Swann	Toronto	(1) 416-507-2582	nikola_swann@standardandpoors.com
Scott Taylor*	New York	(1) 212-438-2057	scott_taylor@standardandpoors.com
John Thieroff	New York	(1) 212-438-7695	john_thieroff@standardandpoors.com
Ben Tsocanos	New York	(1) 212-438-1995	ben_tsocanos@standardandpoors.com
Swami Venkataraman	San Francisco	(1) 415-371-5071	swami_venkataraman@standardandpoors.com
Daniel Welt	New York	(1) 212-438-6344	daniel_welt@standardandpoors.com
Raymond Woo	Hong Kong	(852) 2533-3526	raymond_woo@standardandpoors.com
*Regional leader.

Comments and ratings reflect available public data as of Aug. 7, 2006.