Summary: Porterbrook Capital BidCo Ltd. Feb 09
Standard & Poors, February 2009
Abstract
The ratings on Jersey-based Porterbrook Capital Bidco Ltd. (Porterbrook) reflect the group's strong business risk profile characterized by Porterbrook's defendable No. 2 position in the U.K. rail-leasing sector as one of only three principal rolling-stock leasing companies (ROSCO). All of the ROSCOs operate under a supportive contractual framework with implicit government support through legislation. This framework allows Porterbrook to derive predictable cash flows from long-term leasing contracts to U.K. train operating companies (TOC). These strengths are partially offset by the group's aggressive financial risk profile, demonstrated by its high refinancing risk with three major bullet maturities in 2011, 2013, and 2015, high leverage with total debt to EBITDA remaining at more than 6x in the near term, and ongoing exposure...
Companies mentioned in this report are: Porterbrook Rail Finance Ltd.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Porterbrook Rail Finance Ltd.
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