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BULLETIN: Malaysia Tenaga's Rating Unaffected By Acquisition Announcement Jul 05
Standard & Poors, July 2005
Abstract
SINGAPORE (Standard & Poor's) July 6, 2005--Standard & Poor's Ratings Services said today that Tenaga Nasional Bhd.'s (BBB/Stable/--) announcement on entering into an agreement for the acquisition of the businesses of Northern Utility Resources Sdn. Bhd., N.U.R Generation Sdn. Bhd., and N.U.R. Distribution Sdn. Bhd. will not have an immediate impact in the company's rating or outlook. These businesses are involved in electricity retail, generation, and distribution. Assuming funding is solely by debt, the proposed transaction is not expected to have a significant impact on the Tenaga's financial profile. Cash flow protection, as measured by adjusted (for power purchase obligations) funds from operations to total debt, is only expected to deteriorate marginally to 8.9%, from 9.0%, based on fiscal 2004...
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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