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Asciano Ltd. Assigned 'BBB-' Ratings On Strong Market Positions; Outlook Positive Feb 10
Standard & Poors, Feb 2010
Abstract
MELBOURNE (Standard & Poor's) Feb. 23, 2010--Standard & Poor's Ratings Services today said that it had assigned its 'BBB-' rating to Asciano Ltd. and Asciano's guaranteed senior secured bank debt facilities. The outlook on the long-term rating is positive. 'The rating reflects our opinion of the group's strong market positions across a range of port stevedoring and rail transport services in Australia,' Standard & Poor's credit analyst Paul Draffin said. '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, and moderate-to-high barriers to entry. These strengths are tempered by the group's significant financial risk profile, expected increasing competition in port stevedoring, significant ongoing capital requirements, and exposure to...
Companies mentioned in this report are: Asciano Ltd.
Action: New Rating
Action: Outlook: Positive
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.
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