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Borealis Infrastructure Trust
Standard & Poors, June 2008
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Monopoly electricity distribution network Cash flows supported by regulation Low-risk network operations Intermediate financial risk profile The senior unsecured debt rating on the Borealis-Enersource series bonds issued by Borealis Infrastructure Trust (Enersource Mississauga tranche) reflects Enersource's excellent business risk profile, which its relatively low-risk monopoly electricity distribution business, regulated cash flows, and growing customer base all support. Enersource's intermediate financial risk profile offsets its credit strengths. Ontario-based Enersource Corp. (not rated) indirectly services the Borealis-Enersource bonds through interest payments made on its promissory note held by the trust that mirrors the rated bonds. Enersource is 90% owned by the City of Mississauga (AAA/Stable/--) and 10% owned by BPC Energy Corp. More than 95% of Enersource's consolidated cash flow comes from...
Companies mentioned in this report are: Borealis Infrastructure Trust (Enersource Bonds),Nova Scotia (Province of),Scotia Schools Trust,Mississauga (City of)
Action: Review
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