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Research Update: Watercare Services Ltd. Outlook Revised To Developing On Restructuring Uncertainty; Ratings Affirmed Apr 09 Product Image

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

  • ID: 1887780
  • April 2009
  • Standard & Poors

Abstract
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: Affirmed
Action: Outlook: Developing

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Watercare Services Ltd.,Auckland City Council

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