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Alinta LGA Ltd. Apr 08
Standard & Poors, April 2008
Abstract
Strong and supportive shareholder in 'AA-' rated Singapore Power Stable and predictable cash flows generated by regulated and contracted energy distribution and transmission assets Good-quality energy network assets, providing reliable operational performance Aggressive financial structure, illustrated by weak credit metrics Moderate exposure to and reliance on unregulated asset management cash flows The 'A-' ratings on Australian utility Alinta LGA Ltd. is underpinned by the support of its stronger rated 100% shareholder-Singapore Power Ltd. (SP; AA-/Negative/--), the substantial contributions from stable regulated and contracted businesses to overall cash flows, and reasonably good-quality assets. Offsetting these strengths are Alinta LGA's aggressive financial structure, inherent weak financial metrics, and moderate exposure and reliance on unregulated cash flows. The Alinta LGA rating is enhanced...
Companies mentioned in this report are: Jemena Ltd.,SPI Electricity Pty Ltd.,SPI Australia Holdings (Partnership) L.P.,Singapore Power Ltd.,SPI PowerNet Pty Ltd.,SP PowerAssets Ltd.,SPI Electricity & Gas Australia Holdings Pty Ltd.,SP AusNet Group
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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