Industry Report Card: EMEA Rail, Bus, And Port Issuers Grapple With Sovereign Stress And A Weak Economy Aug 12
- Language: English
- Published: August 2012
- Region: EMEA
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.
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Porterbrook Rail Finance Ltd.