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Caribbean Utilities Co. Ltd. Sep 11
Standard & Poors, Sep 2011
Abstract
Monopoly provider of electricity on the Island of Grand Cayman Regulation that is based on full cost recovery Stable cash flows and credit metrics Limited history under current regulatory regime Exposure to economic and hurricane risks Aggressive credit metrics The ratings on Caribbean Utilities Co. Ltd. (CUC) reflect Standard & Poor's Ratings Services' view of an excellent business risk profile, which the company's monopoly position, regulatory support, and stable cash flows all support. The limited rate-making history of CUC's regulator, an uncertain economic recovery, and a significant financial risk profile offset these strengths, in our view. The company is 59% owned by Fortis Inc. (A-/Stable/--). We do not consolidate the ratings because there is a sufficient degree of governance insulation...
Companies mentioned in this report are: Caribbean Utilities Co. Ltd.,Maritime Electric Co. Ltd.,Fortis Inc.,FortisAlberta Inc.
Action: Review
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: Full Analysis
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