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APT Pipelines Ltd. Dec 11
Standard & Poors, Dec 2011
Abstract
Stable and predictable cash flow from regulated and contracted gas network assets Strong market position from natural-monopoly assets Low operating risk, underpinned by in-house operating model Aggressive capital structure, resulting in thin but stabilizing credit metrics Some exposure to volume risks Narrow key customer base mainly comprising investment-grade energy utilities and some exposure to the more-volatile mining sector The 'BBB' rating on APT Pipelines Ltd., the financing arm of Australian publicly listed stapled trust APA Group (APA or group; not rated), reflects our opinion of the stable and predictable cash flow generated from the group's ownership of a mix of regulated and unregulated (albeit highly contracted) gas network assets; the group's strong market position, stemming from its natural-monopoly assets; and...
Companies mentioned in this report are: APT Pipelines Ltd.
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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