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Brookfield Renewable Power Inc. May 09
Standard & Poors, May 2009
Abstract
Low-cost position of hydro assets Increasing geographic diversification Support of strong parent Highly levered Earnings volatility related to unpredictable power prices and hydrology conditions In Standard & Poor's Ratings Services' view, the ratings on Toronto-based Brookfield Renewable Power Inc. (BRP) reflect the company's diversified mix of predominantly hydroelectric generation assets; these assets' excellent competitive position; and the financial flexibility from its strategic relationship with its corporate parent, Brookfield Asset Management Inc. (BAM; A-/Stable/--). We believe BRP's exposure to hydrological risk, partial exposure to wholesale power market risk, and aggressive leverage offset these strengths. BRP owns 4,145 megawatts (MW) of total generation capacity. We believe its generation portfolio is well-diversified, both geographically and by the number of plants and offtakers. The...
Companies mentioned in this report are: 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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