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Caltex Australia Ltd.
Standard & Poors, May 2011
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
Strong domestic market positions, underpinned by extensive domestic distribution and marketing network Sound domestic market dynamics, supported by a domestic fuel market in short supply, product-quality premium, and freight differentials between crude and refined products Management's demonstrated commitment to maintaining a conservative financial policy, which provides some balance-sheet capacity to protect the company against cyclical changes Increasing earnings contribution from non-refining business offsets volatile refiner margins Refinery asset-concentration risk, and exposure to refining asset-quality risk Susceptibility to any structural change in refiner margins Relatively small size globally Operates in a cyclical and capital-intensive industry The ratings on Australian-based Caltex Australia Ltd. are underpinned by our opinion of the company's strong domestic market position in downstream petroleum refining, extensive distribution and...
Companies mentioned in this report are: Caltex Australia Ltd.
Action: Review
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