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Asciano Ltd. Oct 10
Standard & Poors, Oct 2010
Abstract
Significant market positions in the provision of port stevedoring and rail-haulage services in Australia Moderate-to-high barriers to entry Long-term take-or-pay contracts in coal haulage Operating diversity across operating channels and import/export markets Significant financial risk profile Significant funding requirements associated with expansion capital expenditure Exposure to increasing competition and volume cycles in port stevedoring Exposure to operating risks and cyclical volumes in some key segments The 'BBB-' long-term corporate credit rating on Australian-based Asciano Ltd. reflects our opinion of the group's strong market positions across a range of port stevedoring and rail-transport services in Australia. Also underpinning the rating is the company's earnings stability, which is supported by long-term take-or-pay contracts in key bulk rail activities, significant revenue diversity, and...
Companies mentioned in this report are: Asciano Ltd.
Action: Review
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: Full Analysis
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