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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
Abstract
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
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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