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BULLETIN: Tenaga's Offer To Buy Back Its Outstanding Notes Has No Impact On Rating Apr 05
Standard & Poors, April 2005
Abstract
SINGAPORE (Standard & Poor's) April 8, 2005--Standard & Poor's Ratings Services said today that Tenaga Nasional Bhd.'s (BBB/Stable/--) announcement that it has commenced a cash tender offer to purchase its outstanding notes due 2007 by itself will not affect the rating or the outlook on the company. Tenaga intends to refinance the notes--US$108 million 7.20% notes and US$500 million 7.625% notes--through cash, existing credit facilities, and a new debt issuance. Despite the expected improvement in Tenaga's debt maturity profile after the debt refinancing, its financial position will remain weak due to its large financial commitments from debt and power purchase obligations. In the fiscal year ended Aug. 31, 2004, the company's ratio of adjusted funds from operations to debt was...
Companies mentioned in this report are: Tenaga Nasional Bhd.
Action: Bulletin
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.
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