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AGL Energy
Standard & Poors, May 2011
Abstract
Leading energy retailer in Australia, with market diversity Moderate level of vertical integration from an expanding generation portfolio and satisfactory gas supplies Prudent risk-management approach toward hedging, liquidity, and financial policy targets Exposure to volatile wholesale energy markets and regulated retail price caps Increasing retail competition, coupled with an uncertain regulatory landscape with respect to carbon exposure Ongoing material capital-expenditure plans The ratings on AGL Energy (AGL) and AGL's 100%-owned subsidiaries AGL Hydro Partnership and Powerdirect Australia Pty Ltd. reflect our view of the group's strong competitive position in Australia's energy markets (AGL is one of the three leading Australian electricity and gas retailers). Also underpinning the ratings is AGL's moderate degree of vertical integration and our expectation that the...
Companies mentioned in this report are: AGL Energy,Powerdirect Australia Pty Ltd.,AGL Hydro Partnership
Action: Review
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
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