DUET Group Jun 10

Standard & Poors, June 2010

Abstract
Portfolio of investment-grade assets with strong regulated business profiles and reliable cash flow High level of control over the majority of its investments Adequate interest coverage, with some diversification Structural subordination of cash-flow receipts Exposure to potential deterioration in credit quality of underlying investments Average-to-weak liquidity, given the nature of the trust structure The 'BBB-' rating on the 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...

Companies mentioned in this report are: DUET Group,United Energy Distribution Pty Ltd.,Energy Partnership (Gas) Pty Ltd.,United Energy Distribution Holdings Pty 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

DUET Group,United Energy Distribution Pty Ltd.,Energy Partnership (Gas) Pty Ltd.,United Energy Distribution Holdings Pty Ltd.

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