Summary: SPI PowerNet Pty Ltd. Sep 07
- ID: 1823697
- September 2007
- Standard & Poors
The rating on SPI PowerNet Pty Ltd. (SPI PowerNet; A/Watch Neg/--) is equated to that of SP AusNet Group (SP AusNet; A/Watch Neg/--), which benefits substantially from the 51% majority ownership of the group by Singapore Power Ltd. (SP; AA/Stable/--). The rating on SP AusNet does not factor in the business or financial impact of its recent decision to acquire Alinta Ltd.'s (BBB/Watch Neg/--) network assets from SP for over A$8.1 billion. SP AusNet is currently on CreditWatch with negative implications pending clarity on: its financing approach to acquire the Alinta network assets, its financial policies going forward, and the future strategy of SP for the enlarged Australian business. As SP has expressed its intention to retain 51% ownership in...
Companies mentioned in this report are:
- AusNet Transmission Group Pty Ltd.
- AusNet Holdings (Partnership) LP
- Singapore Power Ltd.
- AusNet Services Holdings Pty Ltd.
- AusNet Services
- Alinta Ltd.
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