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Ancora (OAHS) Pty Ltd. May 11
Standard & Poors, May 2011
Abstract
Long-term concession with the state of New South Wales The project's facilities manager has expertise in hospital and public-private partnerships Fully amortizing CPI-linked annuity bonds, with no interest rate or refinancing risk Senior debt wrapped by a 'AA+' rated counterparty Higher-than-originally expected abatements from service-delivery shortcomings Perceived unreliability of performance data to date, relative to similar projects Aggressive financial structure, given high operational leverage Complex financing, legal, and tax structure The 'BBB-/Stable' Standard & Poor's underlying rating (SPUR) on Ancora (OAHS) Pty Ltd.'s A$171.05 million senior secured CPI-linked annuity bonds (CPI bonds)-issued to fund construction and operation of the new Orange Hospital and associated health facilities in regional New South Wales (NSW; AAA/Stable/A-1+)-is underpinned by our view of the relative...
Companies mentioned in this report are: Ancora (OAHS) Pty Ltd.
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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