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Research Update: Transelec Placed On CreditWatch Negative After News Of Majority Stake Sale Jun 06 Product Image

Research Update: Transelec Placed On CreditWatch Negative After News Of Majority Stake Sale Jun 06

  • Published: June 2006
  • Standard & Poors

FEATURED COMPANIES

Abstract
On June 20, 2006, Standard & Poor's Ratings Services placed its 'A-' ratings on the largest Chilean power transmission company, HQI Transelec S.A. (Transelec), on CreditWatch with negative implications after Hydro Québec International Inc. announced that it had reached an agreement to sell its 92% stake in Transelec to a consortium led by the Canadian investment firm Brookfield Asset Management Inc. (A-/Stable/A-2) for C$1.7 billion (about US$1.5 billion). The consortium would also acquire the remaining 8% stake currently held by the International Finance Corp. The parties expect to close the transaction on July 5, 2006. The negative CreditWatch listing reflects concerns about the potential weakening of Transelec's already-weak financial risk profile for the rating category, deriving from additional debt that...

Companies mentioned in this report are:
- Transelec S.A.
- International Finance Corp.
- Empresa Nacional de Electricidad S.A. Chile
- Brookfield Asset Management Inc.

Action: CreditWatch Update

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, READ MORE >

- Transelec S.A.
- International Finance Corp.
- Empresa Nacional de Electricidad S.A. Chile
- Brookfield Asset Management Inc.

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