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BULLETIN: TransAlta Corp. Rating Unaffected by Proposed Redemption of Preferred Securities Jan 05
Standard & Poors, Jan 2005
Abstract
TORONTO (Standard & Poor's) Jan. 6, 2005--Standard & Poor's Ratings Services today said its rating and outlook on the Alberta-based generator and energy trader, TransAlta Corp. (TransAlta; BBB-/Stable/--) and its wholly owned subsidiary, TransAlta Utilities Corp. (BBB-/Stable/--), are not affected by the proposed redemption of C$300 million of a total of C$475 million in preferred securities, which represent about 15% of total debt. The transaction may be mildly positive in terms of funds from operations (FFO) interest coverage and mildly negative in terms of leverage; hence no significant effect on the company's financial profile is expected. Interest payments on the preferred securities are treated as a fixed obligation and are included in FFO interest coverage ratios. The transaction could result...
Companies mentioned in this report are: TransAlta Corp.,TransAlta Utilities Corp
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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