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TransAlta Corp. Dec 11
Standard & Poors, December 2011
Stable cash flows from Alberta generation assets, which regulation and long-term power contracts support Diversified portfolio across several different jurisdictions Largely baseload and midmerit assets in markets with relatively strong economies Merchant cash flows exposure to volatile commodity prices and volume risk Uncertainty related to environmental regulation in multiple jurisdictions High leverage Exposure to high-risk proprietary trading The ratings on Alberta-based TransAlta Corp. reflect Standard & Poor's Ratings Services' opinion of a satisfactory business risk profile and intermediate financial risk profile. In our view, the business risk profile reflects a predominance of long-term power purchase arrangements (PPAs), most of which benefit from regulatory support; and a relatively diversified electricity generation portfolio. We believe that offsetting the company's credit strengths are...
Companies mentioned in this report are: TransAlta Corp.
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