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Summary: DUET Group Mar 09
Standard & Poors, March 2009
The 'BBB-' rating on the stapled DUET Group reflects the adequate interest coverage derived from the Australian-based fund's portfolio of investment-grade regulated assets in the utilities sector. These strengths are somewhat offset by DUET's structural subordination to the senior debt obligations of its underlying investments and an exposure to any deterioration in the credit quality of these investments. DUET is a listed infrastructure fund on the Australian Stock Exchange, with four main investments in Australia and one in the U.S. DUET benefits from the considerable predictability and certainty of cash flow provided by its underlying portfolio of investment-grade-rated assets. Consistent with the fund's strategy of investing in established regulated or highly contracted energy utility assets located in Australia and other...
Companies mentioned in this report are: DUET Group
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