Australia and New Zealand Corporate Credit Quality Affected by Dynamic Environment May 99
Standard & Poors, May 1999
Abstract
Standard & Poor's annual survey of corporate credit trends in Australia and New Zealand has highlighted three key credit trends: Price-based competition intensified in the past year, the result of industry consolidation and, in some sectors, globalization, combined with benign inflationary and interest rate conditions and excess capacity. Companies are seeking to manage available capital more efficiently, responding to the equity market's desire for leveraging shareholder returns. Credit measures in many sectors have deteriorated despite strong economic fundamentals in Australia, and, overall, there has been a marginal weakening of creditworthiness. Economic growth in Australia during 1998 was considerably stronger than anticipated by financial markets. Economic growth is likely to moderate in 1999-2000, but will remain solid, supported by robust consumer...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Australia (Commonwealth of) (Unsolicited Ratings)
- BHP Billiton Ltd.
- CSR Ltd.
- New Zealand
- Rio Tinto Ltd.
- Alcoa of Australia Ltd.
- Burns, Philp & Co. Ltd.
- North Ltd.
- New Zealand Dairy Board
- Telstra Corp. Ltd.
- Orica Ltd.
- Symbion Health Ltd.
- Amcor Ltd.
- Qantas Airways Ltd.
- Telecom Corp. of New Zealand Ltd.
- Pacific Dunlop (USA) Inc.
- QCT Resources Ltd.
- Coca-Cola Amatil Ltd.
- Shell Australia Ltd.
- Woodside Petroleum Ltd.
- Caltex Australia Ltd.
- Lend Lease Corp. Ltd.
- Santos Ltd.
- Cadbury Schweppes Australia Ltd.
- General Property Trust
- Foster's Group Ltd.
- Incitec Ltd.
- Leighton Holdings Ltd.
- Xstrata Queensland Ltd.
- Southcorp Ltd.
- Housing New Zealand Ltd.
- New Zealand Co-operative Dairy Co. Ltd. (The)
- Air New Zealand Ltd. (Unsolicited Ratings)
- Australian Postal Corp.
- Tabcorp Holdings Ltd.
- CFS Retail Property Trust Group
- PMP Ltd.
- Transpower New Zealand Ltd.
- Vector Ltd.
- National Rail Corp. Ltd.
- Bonlac Foods Ltd.
- United Energy Distribution Pty Ltd.
- SPI Electricity Pty Ltd.
- NGC Generation Holdings Ltd.
- Village Roadshow Ltd.
- Newmont Australia Ltd.
- Tranz Rail Holdings Ltd.
- Wellington International Airport Ltd.
- Westfield Trust
- New Zealand Post Ltd.
- Powercor Australia LLC
- Christchurch International Airport Ltd.
- Watercare Services Ltd.
- Defence Housing Australia
- Contact Energy Ltd.
- WestArt Trust
- Powerco Ltd.
- NGC Holdings Ltd.
- Centaur Mining & Exploration Ltd.
- Stockland
- Woolworths Ltd.
- Australia Pacific Airports Corp. Ltd.
- Envestra Ltd.
- Wesfarmers Ltd.
- AWB Ltd.
- AMP Diversified Property Trust
- SingTel Optus Pty Ltd.
- Amatek Industries Pty. Ltd.
- Brisbane Airport Corp. Pty Ltd.
- Elders Ltd.
- UnitedNetworks Ltd.
- Ronin Property Trust
- Aristocrat Leisure Ltd.
- Comalco Ltd.
- Coles Group Ltd.
- Auckland International Airport Ltd.
- Carter Holt Harvey Ltd.
- National Foods Ltd.
- BOC Ltd.
- Email Ltd.
- Goodman Fielder Ltd.
- Pasminco Ltd.
- Nestle Australia Ltd.
- Howard Smith Ltd.
- Lion Nathan Pty Ltd.
- BIL International Ltd.
- Airservices Australia
- Kiwi Co-operative Dairies Ltd.
- Newmont Yandal Operations Ltd.
- Ports of Auckland Ltd.
- Jupiters Ltd.
- Boral Ltd.
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