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Brookfield Renewable Power Fund Mar 11
Standard & Poors, March 2011
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 rating on Brookfield Renewable Power Fund (BRPF) reflects the consolidated ratings on the fund's controlling shareholder, Brookfield Renewable Power Inc. (BRPI; BBB/Stable/A-3). Despite the recent reduction of BRPI's equity interest in BRPF to 34% from 50% through two secondary share offers, Standard & Poor's Ratings Services continues to base its...
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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