If a participant defaults on any payment due to TEAC under its gas supply contract, TEAC may stop delivery of natural gas to the defaulting
participant and remarket the participant's gas.
The long-term issuer rating was generally assessed in terms of an issuer's probability of defaulting
Year over year, the number of issuers defaulting
on their bond obligations fell 63% in 2004 and the par value of bonds affected by defaults fell 70%,' said Paul Mancuso, Senior Director of Credit Market Research, Fitch Ratings.
The number of issuers defaulting
on their bond obligations in 2004 fell by a nearly proportional amount to 37 from 2003's 100.
In the first half of the year, there was a nearly parallel drop in the number of issuers defaulting
on their bond obligations and in the par value of bonds affected by the defaults.