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Brookfield Renewable Power Inc. Apr 10
Standard & Poors, April 2010
Abstract
Strong business and geographic diversity of the company's investment portfolio Improved cash flow visibility through higher proportion of contracted revenue and low-cost operations Strong financial flexibility supported by substantial value of its investments Benefits from strategic relationship with parent Cash flow coverage measures weak for the rating Variability of remitted cash flow magnified by substantial use of project-level debt Earnings volatility associated with unpredictable power prices and hydrology conditions The ratings on Toronto-based Brookfield Renewable Power Inc. (BRPI) reflect Standard & Poor's Ratings Services' view of the company's satisfactory business risk profile, which reflects increased diversification of its investment portfolio and cost-competitive position, with an increased proportion of contracted revenue in its hydroelectric generation assets. The ratings also reflect what...
Companies mentioned in this report are: Brookfield Renewable Power Inc.,Brookfield Asset Management Inc.,Transelec S.A.,Brookfield Renewable Power Fund
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
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