Asia-Pacific Utility Companies Face Margin Pressure But Favorable Trends Keep Ratings In The Balance, Says S&P Report Nov 12
- Language: English
- Published: November 2012
The credit outlook for Australian utilities rated by Standard & Poor's Ratings Services is sound, even though the electricity industry has undergone some significant ownership changes and faces a range of regulatory and refinancing risks. One of the biggest shake-ups for the sector in recent years occurred over the past six months: the privatization of electricity retail assets in New South Wales (NSW), Australia's most-populous state. Although the reorganization has opened up significant opportunities for some players, it has brought heightened competition that we believe threatens the retail sector's short-term margins and profitability. Meantime, recent regulatory outcomeswhile supportive to credit qualitycontinue the trend of allowing materially rising capital expenditure for the country's regulated network businesses. This poses the question of...
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