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Brookfield Renewable Power Fund Feb 10
Standard & Poors, Feb 2010
Abstract
Low-cost position of hydro assets Reasonable geographic diversification Low commodity price risk Highly levered Earnings volatility related to unpredictable hydrology conditions The ratings on Brookfield Renewable Power Fund (BRPF) reflect the consolidated ratings on its controlling shareholder, Brookfield Renewable Power Inc. (BRP; BBB/Negative/A-3). Standard & Poor's Ratings Services bases its link on BRP's 50.01% ownership of BRPF, its common executive management, and our view that BRP exercises substantial influence over BRPF's strategic direction. The remainder of this section summarizes our views on BRP. The balance of the report focuses on BRPF's stand-alone credit factors. The ratings on Toronto-based BRP reflect our view of the company's diversified mix of predominantly hydroelectric generation assets; these assets' excellent competitive position; and the financial...
Companies mentioned in this report are: Brookfield Renewable Power Fund,Brookfield Renewable Power Inc.,Brookfield Asset Management Inc.,Transelec S.A.
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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