|
|
 |
|
Viewing report
|
|
|
|
Bulletin: Ratings On Watercare Services Not Immediately Affected By Negative Rating Outlook On Auckland City Council Apr 09
Standard & Poors, April 2009
Abstract
MELBOURNE (Standard & Poor's) May 1, 2009--Standard & Poor's Ratings Services today said that its corporate credit and debt ratings on Watercare Services Ltd. (A-/Developing/A-2) are not immediately affected by today's revision of the rating outlook on Auckland City Council (ACC; AA/Negative/A-1+) to negative from stable. However, if the ratings on ACC were lowered, the ratings would consequently be lowered on any of Watercare's debt that is guaranteed by ACC. The negative outlook on ACC reflects our view of the potential for a relative weakening of the credit profile of the council following the formation of a single regional Auckland Council. ACC is the major shareholder of Watercare, holding 42% of the company, and its guarantee of Watercare's debt is...
Companies mentioned in this report are: Watercare Services Ltd.,Auckland City Council
Action: Bulletin
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.
|
|
|
|
