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Australian Postal Corp. Mar 04
Standard & Poors, March 2004
Abstract
Legislated monopoly in core letters delivery; Brand name and extensive network provide strong market position in areas open to competition; Extremely strong financial position; and Mildly supportive relationship with owner, the government of Australia. Core letter business is unlikely to generate much growth and could shrink. On March 25, 2003, the 'AAA/A-1+' ratings on Australian Postal Corp. (Post) were affirmed. Ratings reflect its dominant market position, its success in developing new businesses in areas open to competition, and its extremely strong financial profile. Government ownership imposes some financial burdens, but generally reinforces confidence in the company's stability. Post has a dominant position in the provision of traditional postal services, with roughly 45% of Post's revenue protected by a legislated monopoly,...
Companies mentioned in this report are: Australian Postal Corp.
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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