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Reliance Rail Finance Pty Ltd. Dec 11
Standard & Poors, December 2011
Complex manufacturing project, incorporating design risk Relatively weak financial metrics and exposure to refinancing risk Project is significantly behind schedule and reliant on joint-venture partners maintaining cash flows within forecasts Revenue/expense-assumption basis risk over contractual period Strong concession and revenue certainty, provided availability requirements are achieved Capacity to pass through/recover costs associated with delay and to effectively replace contractors, if needed The 'CCC+' rating on the A$2.06 billion senior-secured debt and the 'CCC-' rating on the A$100 million junior-secured debt issued by Reliance Rail Finance Pty. Ltd. (RRF), reflects our view of the risks associated with project funding over 2012; RRF's capacity to refinance debt at maturity; and pending clarity on how the stakeholders will ensure ongoing viability of the...
Companies mentioned in this report are: Reliance Rail Finance Pty Ltd.
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Research Type: Full Analysis
Reliance Rail Finance Pty Ltd.