Power Sector Assets & Liabilities Management Corp. Feb 12

Standard & Poors, February 2012

Abstract
Highly leveraged financial risk profile Exposure to exchange-rate fluctuations Uncertain regulatory environment Strong government support Favorable long-term outlook for electricity demand Positive industry reforms The rating on Philippines-based power utility Power Sector Assets & Liabilities Management Corp. (PSALM) reflects the sovereign rating on the Philippines (foreign currency BB/Positive/B; local currency BB+/Positive/B; axBBB+/axA-2). We believe that the Philippine government is almost certain to provide timely and sufficient extraordinary support to PSALM in the event of financial distress. In accordance with our criteria for government-related entities, our view of an "almost certain" likelihood of extraordinary government support is based on our assessment of the following PSALM characteristics: PSALM plays a "critical" role in implementing government reforms to restructure and liberalize the power...

Companies mentioned in this report are: Power Sector Assets & Liabilities Management Corp.,Philippines (Republic of the),National Power Corp.,Development Bank of the Philippines,Bangko Sentral ng Pilipinas
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

Power Sector Assets & Liabilities Management Corp.,Philippines (Republic of the),National Power Corp.,Development Bank of the Philippines,Bangko Sentral ng Pilipinas

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