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Bulletin: Ratings On Redbank Project Pty Ltd.'s Debt Not Immediately Affected By Power Station Outage Feb 12
Standard & Poors, Feb 2012
Abstract
SYDNEY (Standard & Poor's) Feb. 10, 2012--Standard & Poor's Ratings Services today said that its 'CC/Negative' ratings on the senior-secured debt issued by Redbank Project Pty Ltd. (Redbank) were not immediately affected by the company's recent announcement of an ongoing power-station outage. According to the company's announcement to the Australian Stock Exchange, the company is currently assessing the necessary actions to restore the power station's operations. At this stage, the duration of the outage, the costs associated with the repairs, and how the costs will be funded remain unknown. We believe these factors would likely influence the project's ongoing liquidity, contractual payments under its power purchase agreement, and the sale of the plant or refinancing process scheduled by March 31,...
Companies mentioned in this report are: Redbank Project Pty Ltd.
Action: Bulletin
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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