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Canadian Income Funds And The Perceptions Of Distributable Cash: Part I Jan 06
Standard & Poors, Jan 2006
Abstract
There has been a lot of discussion regarding the growth of income funds as a business structure and their contribution to the Canadian capital markets. There has been far less discussion, however, about how income funds calculate and report distributable cash. This is surprising because while distributable cash has become a key valuation and performance parameter there is still no consistency in the way funds report or calculate this figure. This commentary is the first in a two-part series of articles highlighting certain analytical, accounting, and financial reporting nuances within the distributable cash figure. Part I highlights two main issues with respect to the initial starting point of the distributable cash calculation used by the majority of income funds. First,...
Companies mentioned in this report are: Legacy Hotels Real Estate Investment Trust,Baytex Energy Corp.,Retirement Residences REIT,RioCan Real Estate Investment Trust,Algonquin Power Co.,Superior Plus LP,Atlantic Power Limited Partnership,Northland Power Inc.,Pengrowth Energy Trust,Inter Pipeline Fund,Westshore Terminals Income Fund,AltaGas Ltd.,EnerCare Inc.,Veresen Inc.,KEYERA Facilities Income Fund,Harvest Energy Trust
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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