Reliance Rail Finance Pty Ltd. Dec 11
Standard & Poors, December 2011
Abstract
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.
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
Reliance Rail Finance Pty Ltd.
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