Bulletin: Rating On DUET Group Is Not Affected By Conditional Agreement With ATCO Ltd. And AET&D Holdings No. 2 Pty Ltd. Jul 11
Standard & Poors, July 2011
Abstract
MELBOURNE (Standard & Poor's) July 7, 2011--Standard & Poor's Ratings Services today said that its 'BBB-/Stable' corporate credit rating on DUET Group is not immediately affected by DUET's announcement of what we consider is effectively a conditional 'asset swap' agreement with both ATCO Ltd. (A/Stable) and AET&D Holdings No. 2 Pty Ltd (AET&D; not rated). Successful execution of the agreement will give DUET 100% of Multinet Gas and 80% of the Dampier-to-Bunbury pipeline. In exchange, DUET will relinquish its 25.9% interest in WA Gas Networks Pty Ltd. (WAGN; BBB-/Negative) and receive repayment of its A$80 million subordinated loan to WAGN. The net effect of the transactions when aggregated together is that DUET will pay a net consideration of A$42.5 million....
Companies mentioned in this report are: DUET Group
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.
DUET Group
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