Watercare Services Ltd. Outlook Revised To Developing On Restructuring Uncertainty; Ratings Affirmed Apr 09

  • ID: 1887478
  • April 2009
  • Standard & Poors
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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: Affirmed
Action: Outlook: Developing

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
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Watercare Services Ltd.,Auckland City Council

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