On April 17, 2009, Standard & Poor's Ratings Services revised its rating outlook on New Zealand water-services provider 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 largely 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. Under the proposal, Watercare will be owned by one unitary Auckland region council, the proposed Auckland Council (AC) rather than six existing local council owners. Watercare's proposed absorption of all the Auckland region's water retailers, as recommended by the...
Companies mentioned in this report are: Watercare Services Ltd.,Auckland City Council
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
SHOW LESS READ MORE >