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Bulletin: BULLETIN: Ratings On Asciano Unaffected By A$1.11 Billion Impairment Charges May 10
Standard & Poors, May 2010
Abstract
MELBOURNE (Standard & Poor's) May 11, 2010-- Standard & Poor's Ratings Services today said that Asciano Ltd.'s (Asciano, BBB-/Positive) announcement that it will undertake A$1.11 billion of asset-impairment charges across a number of the group's assets would have no immediate impact on the group's ratings or outlook. The impairment charges relate primarily to the group's port operations, and in particular the potential impact of a third port stevedore commencing operations in Melbourne in fiscal 2015 or beyond. The introduction of a third stevedore across all the group's major east coast container ports has been and will remain an important medium-term risk for the group. Nonetheless, the long lead times associated with a new port operation should provide adequate opportunity for...
Companies mentioned in this report are: Asciano Ltd.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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