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Bulletin: Rating On APA Group?s Finance Company Not Immediately Affected By Allgas Sale And HDUF Takeover Offer Dec 11
Standard & Poors, Dec 2011
Abstract
MELBOURNE (Standard & Poor's) Dec. 14, 2011--Standard & Poor's Ratings Services said today that its BBB/Stable rating on Australian listed gas transmission entity APA Group's finance arm APT Pipelines Ltd. (collectively APA) is not immediately affected by APA's announced sale of 80% of its Queensland-based gas distribution business Allgas Gas Networks (Allgas), and its takeover offer for the 80% of Hastings Diversified Utilities Fund (HDUF) that it does not already own. In our view, absent an acquisition of HDUF, the Allgas sale provides additional flexibility for APA at the current rating and largely addresses our concerns about the lack of financial headroom in the rating. If APA were to be successful in acquiring HDUF--all else being equal--the 'BBB' rating on...
Companies mentioned in this report are: APT Pipelines Ltd.
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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