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S&P cuts Salt Verde Financial bonds to BB+
Standard & Poor's said it lowered the subordinated debt rating on Salt Verde Financial Corp.'s $29 million gas project revenue bonds to BB+ from BBB.
The outlook is negative.
S&P said it affirmed the A rating and stable outlook on the company's $1.1 billion senior secured gas project revenue bonds.
The rating and outlook on the subordinated bonds is currently linked to the rating and outlook on MBIA Insurance, which guarantees the debt service reserve repurchase agreement provided by MBIA Inc. (BB-/negative).
On Sept. 28, S&P said it downgraded MBIA Insurance and MBIA Inc. because losses on the group's 2005 to 2007 vintage direct residential mortgage-backed securities and collateralized debt obligations of asset-backed securities could be higher than expected.
The downgrade also reflects potentially increased losses in other asset classes, the agency noted.
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