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Bulletin: Rating On Mighty River Power Ltd. Unaffected By Higher Debt Commitment To Fund The Ngatamariki Geothermal Project Jun 11
Standard & Poors, June 2011
Abstract
MELBOURNE (Standard & Poor's) June 8, 2011--Standard & Poor's Ratings Services today said that its 'BBB+' corporate credit rating and stable outlook on New Zealand-based Mighty River Power Ltd. (MRP) are not immediately affected by the company's commitment to fund the NZ$466 million 82MW Ngatamariki geothermal power station. The additional indebtedness to fund the construction of the station, with no proposed change to the dividend payout ratio policy of 75%, will result in MRP incurring higher debt than we previously expected. Consequently, MRP's financial key credit metrics would track at the low end of our expectations for the rating, with funds flow from operations (FFO) interest cover and FFO to total debt likely to remain marginally at 4x and 25%...
Companies mentioned in this report are: Mighty River Power Ltd.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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