Industry Report Card: For Australian Utilities, The Spotlight Turns To Asset Sales And Regulatory Outcomes, As Refinance Risks Moderate May 11
- ID: 1805972
- May 2011
- Region: Australia
- Standard & Poors
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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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.
- Jemena Ltd.
- United Energy Distribution Pty Ltd.
- Powercor Australia LLC
- The CitiPower Trust
- Australian Gas Networks Ltd.
- LoyVic Pty Ltd.
- Australian Gas Networks (Vic 3) Pty Ltd.
- Energy Partnership (Gas) Pty Ltd.
- ETSA Utilities Finance Pty Ltd.
- Ergon Energy Corp. Ltd.
- ElectraNet Pty Ltd.
- Rowville Transmission Facility Pty Ltd.
- Origin Energy Ltd.
- Powerdirect Australia Pty Ltd.
- Snowy Hydro Ltd.
- United Energy Distribution Holdings Pty Ltd.
- DUET Group
- WA Network Holdings Pty Ltd.
- AusNet Services Holdings Pty Ltd.
- DBNGP Trust
- DBNGP Finance Co. Pty Ltd.
- EnergyAustralia Pty Ltd.
- EnergyAustralia Holdings Ltd.
- AusNet Services
- AGL Hydro Partnership
- AGL Energy Ltd.
- Ergon Energy Queensland Pty Ltd.
- SGSP (Australia) Assets Pty Ltd.
- APT Pipelines Ltd.