Industry Report Card: Regulatory Cloud Still Hangs Over Stable Outlook For Australian And New Zealand Utilities May 12
- Language: English
- Published: May 2012
- Region: Australia, New Zealand
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...
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
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- United Energy Distribution Pty Ltd.
- Powercor Australia LLC
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- Energy Partnership (Gas) Pty Ltd.
- ETSA Utilities Finance Pty Ltd.
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- ElectraNet Pty Ltd.
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- Origin Energy Ltd.
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- DUET Group
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- SPI Electricity & Gas Australia Holdings Pty Ltd.
- DBNGP Trust
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- EnergyAustralia Holdings Ltd.
- SP AusNet Group
- AGL Hydro Partnership
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- Nexus Australia Management Pty Ltd.
- SGSP (Australia) Assets Pty Ltd.
- APT Pipelines Ltd.