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Australian Postal Corp. Mar 11
Standard & Poors, March 2011
Abstract
Strong and increasingly diversified market position Supportive relationship with the Australian government Historically strong cash flow performance and very strong liquidity Regulatory risk and structural volume decline in reserved letters business The ratings on Australian Postal Corp., Australia's state-owned postal carrier, are based on our view of the group's stand-alone credit profile (SACP), which Standard & Poor's assesses at 'aa-', as well as on our opinion that there is a 'very high' likelihood that the Australian government (Commonwealth of Australia, AAA/Stable/A-1+) would provide timely and sufficient extraordinary support to Australia Post in an event of financial distress. In accordance with our criteria for government-related entities (GREs), our view of a 'very high' likelihood of extraordinary support is based on our...
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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