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S&P: DTE bonds on watch
Standard & Poor's said it placed its BBB+ rating on DTE Energy Center LLC's $244 million of senior secured bonds, of which $236.1 million is outstanding, on Creditwatch with negative implications.
The ratings action follows the expiration of the May 29 deadline established by DTE in its claim to Daimler to honor the guarantee obligation to make a Type I termination payment, the agency said.
In the company's May 28 submission to the trustee, it noted that DNAC, the guarantor as defined in project documents, did not deny its general liability for payments owned but maintained that the bankruptcy stay imposed on Chrysler effectively prevents notification of utility service agreement termination, thus preventing the USA's from terminating and consequently eliminating the need for a termination payment, the agency added.
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