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MPC Funding Ltd. May 07 Product Image

MPC Funding Ltd. May 07

  • Published: May 2007
  • Standard & Poors

Strong and supportive project agreement (PA) for 25-year operation About 95% of revenues coming from the State of Victoria, with no volume risk Operating risks mitigated by simple nature of services, five-year benchmarking of soft facilities management, and indexation of lifecycle costs Appropriate financing structure and security, with senior lender oversight and step-in rights before the State can terminate the PA The special-purpose-entity nature of the issuer and Plenary Conventions Pty. Ltd. (PCPL), amortizing debt, no interest-rate exposure, and appropriate reserves Exposure to unrated and financially weak builder, although this risk is mitigated by a strong cost-to-complete test, novation regime for subcontractors, simple design works, and 20% performance bonds to cover reasonable cost escalation and potential builder insolvency Constrained and...

Companies mentioned in this report are:
- MPC Funding Ltd.
- Plenary Conventions Pty Ltd.

Action: Review

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- MPC Funding Ltd.
- Plenary Conventions Pty Ltd.

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