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Australian Corporate Real Estate and the Capital Markets Jul 01
Standard & Poors, July 2001
Abstract
Companies increasingly are focusing on their ability to maximize shareholder value by reengineering their corporate real estate assets. The usual options available to the corporate sector include making more efficient use of real estate space, direct ownership or leasing, and outsourcing of property services. An option often overlooked, however, is the potential for companies to improve their bottom line by creating financing structures to fund their real estate and general operations. To this end, funding sourced from the debt capital markets is beginning to emerge as a real and attractive alternative to traditional debt sources. Standard & Poor's is involved actively in assessing the credit risks of capital market transactions and companies. Although not all capital markets transactions are rated,...
Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings),BHP Billiton Ltd.,Deutsche Bank AG,National Australia Bank Ltd.,Japan (Unsolicited Ratings),Germany (Federal Republic of) (Unsolicited Ratings),Italy (Republic of) (Unsolicited Ratings),SG Australia Ltd.,Coles Group Ltd.,Qantas Airways Ltd.,U K Insurance Ltd.,Mitsui & Co. (Australia) Ltd.,Sydney Airports Corp. Ltd.,Ronin Property Trust,City of Sydney,Melbourne (City of)
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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