Industry Report Card: Australian And New Zealand Network Utilities Maintain Stable Credit Quality Nov 12
- Language: English
- Published: November 2012
- Region: Australia, New Zealand
The ratings on Australian utilities United Energy Distribution Holdings Pty Ltd. (UEDH) and United Energy Distribution Pty Ltd. (UED) reflect the group's natural-monopoly electricity-distribution business and the high degree of cash-flow certainty it derives through the industry's transparent regulatory regime. Also underpinning the ratings is the low operational risk of the group's distribution network. Somewhat offsetting these strengths are a forecast weakening in financial metrics due to potential substantial capital works, the group's opaque financial policies, and exposure to the risk appetite of its shareholders. UEDH is the holding company of UED, which is owned by DUET Group (66%, BBB-/Stable/--) and, upon consent, SPI (Australia) Assets Pty Ltd. (34%, SPIAA; not rated), an 100% indirectly owned subsidiary of Singapore Power...
Companies mentioned in this report are: United Energy Distribution Holdings Pty Ltd.,United Energy Distribution Pty Ltd.,DUET Group
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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United Energy Distribution Holdings Pty Ltd.,United Energy Distribution Pty Ltd.,DUET Group