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DUET Group Rating Affirmed Following Proposed Capital Restructure Jun 08 Product Image

DUET Group Rating Affirmed Following Proposed Capital Restructure Jun 08

  • Published: June 2008
  • Standard & Poors

Abstract
MELBOURNE (Standard & Poor's) June 10, 2008-Standard & Poor's Ratings Services today said that it had affirmed its 'BBB-' rating on the DUET Group (DUET) following DUET's announcement of a proposed capital restructure. The rating outlook remains stable. DUET is planning to refinance its existing debt obligations--its Preferred to Ordinary with Exchange and Reset Securities (POWERS)--with an A$685 million senior debt facility at the POWERS reset date on Sept. 1, 2008. The rating affirmation is subject to final documentation substantially reflecting the terms and conditions of the proposed debt issuance presented to Standard & Poor's. "The proposed restructure will increase DUET's capital-management flexibility, especially in debt refinancing, which is a key benefit given current financial market conditions," Standard & Poor's...

Companies mentioned in this report are: DUET Group,Duquesne Light Holdings Inc.,Energy Partnership (Gas) Pty Ltd.,United Energy Distribution Holdings Pty Ltd.,WA Network Holdings Pty Ltd.,DBNGP Trust
Action: Affirmed
Action: Outlook: Stable

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DUET Group,Duquesne Light Holdings Inc.,Energy Partnership (Gas) Pty Ltd.,United Energy Distribution Holdings Pty Ltd.,WA Network Holdings Pty Ltd.,DBNGP Trust

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