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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
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
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Research type: News
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