Power Assets Holdings Ltd. Dec 12
Standard & Poors, December 2012
Abstract
Strong credit profile of Hong Kong business Stable cash flow from overseas investments in regulated utilities Modest financial risk profile Increased appetite to expand overseas Structural subordination of equity cash flows from overseas investments The rating on Power Assets Holdings Ltd. (PAH) reflects the credit strength of the company's 100% owned subsidiary Hongkong Electric Co. Ltd. (HEC: A+/Stable/--; cnAAA) and the stable cash flow from PAH's overseas investments in regulated utilities. These strengths are offset by PAH's increased appetite for expansion outside Hong Kong and the structural subordination of the company's equity cash flows from its overseas investments. We view PAH's business risk profile as "excellent," primarily due to the company's regulated and vertically integrated electric utility business in Hong...
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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