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Bulletin: SP AusNet's Proposed Equity Raising Is Necessary To Support Group's Financial Profile May 09
Standard & Poors, May 2009
MELBOURNE (Standard & Poor's) May 12, 2009--Standard & Poor's Ratings Services today said that SP AusNet Group's (A-/Negative/--) proposed equity raising of up to A$415 million will support the group's financial profile over the medium term. The equity raising and capital-management initiatives announced today should help to partly offset the following negative credit factors: the adverse cash flow implications of the recent regulatory decision by the Australian Energy Regulator (from 2011); the upcoming high capital spending on the group's assets; and the challenging credit market conditions. As a result of some one-off costs over the past couple of years, we note that SP AusNet's financial performance has fallen short of Standard & Poor's expectations for the underlying credit profile. To...
Companies mentioned in this report are: SP AusNet Group
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Research type: News
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SP AusNet Group