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AGL's Ratings Placed on Watch Neg After Loy Yang A Announcement Jul 03
Standard & Poors, July 2003
Abstract
MELBOURNE (Standard & Poor's) July 3, 2003--Standard & Poor's Ratings Services placed its 'A' long-term and 'A-1' short-term ratings on The Australian Gas Light Co. (AGL) on CreditWatch with negative implications. The rating actions follow today's announcement by the company, together with its consortium partners Tokyo Electric Power Company (AA-/Negative/A-1+) and investors led by the Commonwealth Bank of Australia (AA-/Stable/A-1+), that they have signed a conditional share sale agreement to purchase the Victorian electricity power generator Loy Yang A (Loy Yang Power). The agreed implied enterprise purchase price is A$3.5 billion for the Loy Yang A power station, and adjacent coal mine. The placement of the ratings on CreditWatch with negative implications reflects the uncertainty about AGL's strategic investment and...
Companies mentioned in this report are: Jemena Ltd.,Commonwealth Bank of Australia
Action: On CreditWatch:Negative
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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