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Australia & New Zealand CreditStats: Energy -- Infrastructure Jun 99
Standard & Poors, June 1999
Abstract
The energy infrastructure sector in 1998 was characterized by continued privatization, restructure, and acquisition. Moreover, this trend shows no sign of abating in 1999 and beyond. There has been a high level of rating action in this sector, with 10 of the total 14 rated entities having had a rating change or CreditWatch action since January 1998. Most rating actions over the period stemmed not from changes to the underlying creditworthiness of the entities involved; rather, they were caused by either company-specific or industrywide restructuring. In addition to structural changes, the underlying business factors have tended to be marginally negative for business profiles over this period. This is because of the increasingly competitive markets for those companies where competition is...
Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings),New Zealand,SPI Electricity Pty Ltd.,NGC Generation Holdings Ltd.,Powercor Australia LLC,NGC Holdings Ltd.,Envestra Ltd.,Western Power Distribution (West Midlands) PLC
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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