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SPI (Australia) Assets Pty Ltd. Feb 10 Product Image

SPI (Australia) Assets Pty Ltd. Feb 10

  • Published: February 2010
  • Standard & Poors

Abstract
Strong and supportive shareholder in 'AA-' rated Singapore Power Stable and predictable cash flow from regulated and contracted energy distribution and gas transmission assets Reliable operational performance from good-quality energy network assets Aggressive financial structure, illustrated by weak credit metrics Moderate exposure to unregulated asset management cash flow Heightened refinancing risks from a concentrated debt-maturity profile The 'A-' long-term corporate credit rating on Australian-based utility SPI (Australia) Assets Pty Ltd. (SPIAA) is underpinned by our opinion of the support of the company's ultimate 100% shareholder Singapore Power Ltd. (SP; AA-/Stable/--). However, we believe that SPIAA's underlying credit quality is more consistent with a low-investment-grade rating reflecting the company's strong business and substantial cash-flow contributions from its stable regulated and contracted...

Companies mentioned in this report are: SPI (Australia) Assets Pty Ltd.,Jemena Ltd.,SPI Electricity Pty Ltd.,SPI Australia Holdings (Partnership) L.P.,Singapore Power Ltd.,SPI PowerNet Pty Ltd.,SPI Australia Finance Pty Ltd.,SP PowerAssets Ltd.,SPI Electricity READ MORE >

SPI (Australia) Assets Pty Ltd.,Jemena Ltd.,SPI Electricity Pty Ltd.,SPI Australia Holdings (Partnership) L.P.,Singapore Power Ltd.,SPI PowerNet Pty Ltd.,SPI Australia Finance Pty Ltd.,SP PowerAssets Ltd.,SPI Electricity & Gas Australia Holdings Pty Ltd.,SPI Networks (Gas) Pty Ltd.,SPI Networks Pty Ltd.,SP AusNet Group

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