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The PN-S525P will be available in December 2008 for an MSLP of USD6,459. COP (Issuer Default Rating [IDR] 'A' with a Stable Outlook by Fitch) and PDVSA (IDR 'B+' with a Stable Outlook) formed MSLP (rated 'BBB' with a Negative Outlook) in 1998 to build, own, operate, and maintain certain facilities and improvements located at the Sweeny Refinery. In such a stressed scenario, if PDVSA were not to honor its obligation of paying the damages, COP would have the right to assign its claim against PDVSA to MSLP (after the amount of damages is confirmed in expert arbitration) in payment or partial payment of Processing Fees; MSLP could then withhold the amount of the assigned claim from distributions to PDVSA. |
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