Rating On Watercare Services Ltd.'s MTNs Affirmed At 'AA' After Additional NZ$50 Million Issuance Dec 11
- Language: English
- Published: December 2011
MELBOURNE (Standard & Poor's) April 17, 2009--Standard & Poor's Ratings Services today said that it had revised the outlook on the corporate credit ratings of New Zealand utility Watercare Services Ltd. to developing from negative. At the same time, we affirmed our 'A-/A-2' corporate credit ratings on Watercare and the 'AA/A-1+' issue ratings on Watercare's guaranteed debt. The developing outlook reflects uncertainty surrounding the potential conflicting implications of Watercare's proposed transition to a sole, integrated water and wastewater provider in the Auckland region on the company's business and financial profiles. Positively, Watercare's proposed absorption of all the Auckland region's water retailers is likely to improve the company's business risk profile. However, these benefits may be offset if the restructuring results...
Companies mentioned in this report are: Watercare Services Ltd.,Auckland City Council
Action: Outlook: Developing
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Watercare Services Ltd.,Auckland City Council