LoyVic Pty Ltd. & IPM Australia Ltd. Lowered To ?BB+? On Uncertainty Of Financial Profile Of Brown Coal Fire Plant Sep 11
Standard & Poors, September 2011
Abstract
MELBOURNE (Standard & Poor's) Sept. 16, 2011--Standard & Poor's Ratings Services today said that its senior secured debt rating on LoyVic Pty Ltd. has been lowered by one notch to 'BB+' from 'BBB-'. At the same time, the rating on IPM Australia Ltd. (IPM) has also been lowered to 'BB+. LoyVic and IPM are respectively the financing and trading arms of the Loy Yang B joint venture (LYB) that owns and operates the 1,000 megawatt brown coal fired power plant in the Australian State of Victoria. The outlook is negative. The rating action does not specifically factor in the government's proposed carbon scheme at this time, as we currently consider that to be more of a credit-transition factor given that...
Companies mentioned in this report are: LoyVic Pty Ltd.,IPM Australia Ltd.
Action: Downgraded
Action: Outlook: Negative
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.
LoyVic Pty Ltd.,IPM Australia Ltd.
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