Power Sector Assets&Liabilities Management Corp. - 2009/11/08 - S&P Credit Research

Report title: Power Sector Assets&Liabilities Management Corp.

from S&P Credit Research
1799 word report published Nov 08, 2009

Price $400.00 available for immediate download

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Abstract:

Weak stand-alone financial profile Exposure to exchange-rate fluctuations Uncertain regulatory environment Strong government support Favorable long-term outlook for electricity demand Positive industry reforms The ratings on Power Sector Assets&Liabilities Management Corp. (PSALM) reflect our opinion that there is an "almost certain" likelihood that the government of the Republic of Philippines (foreign currency BB-/Stable/B; local currency BB+/Stable/B; ASEAN scale axBBB+/axA-2) would provide timely and sufficient extraordinary support to the utility in the event of financial distress. In accordance with our criteria for government-related entities (GREs), our view of an "almost certain" likelihood of extraordinary government support is based on our assessment of the following PSALM characteristics: "Critical" role in implementing government reforms in restructuring and liberalizing the electricity power

Brief Excerpt:

RESEARCH Ratings Definitions Power Sector Assets & Liabilities Management Corp. Publication date: 08-Nov-2009 Primary Credit Analyst: Allan Redimerio, Singapore (65)-6239-6337; allan_redimerio@standardandpoors.com Secondary Credit...

Report Type:

Full Report

Issuer:

Power Sector Assets&Liabilities Management Corp.

GICS:

Independent Power Producers & Energy Traders (55105010)

Sector:

Global Issuers, Structured Finance

Country:

Philippines

Region:

Emerging Markets

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

Also from S&P Credit Research

PSALM Rating Unaffected By Proposed Exchange; New Notes Rated 'BB-', Re-Opened Notes Due 2019 Affirmed At 'BB-' $100.00
We assigned our 'BB-' rating on the proposed notes due 2024 by Power Sector Assets&Liabilities Management Corp. We affirmed our 'BB-' rating on the re-opened 7.25% guaranteed notes due 2019. The rating reflects the Philippine government's irrevocable, ...
Summary: Power Sector Assets&Liabilities Management Corp. $175.00
The ratings on Power Sector Assets&Liabilities Management Corp. (PSALM) reflect our opinion that there is an "almost certain" likelihood that the government of the Republic of Philippines (foreign currency BB-/Stable/B; local currency BB+/Stable/B; ...
Power Sector Assets&Liabilities Management Corp. Assigned 'BB-' Foreign Currency And 'BB+' Local Currency Ratings $100.00
PSALM has a critical role and integral link with the Philippine government. We assigned a 'BB-' foreign currency and 'BB+' local currency long-term corporate credit rating to PSALM. The outlook on the rating is stable. SINGAPORE (Standard&Poor's) ...
Research Update: Power Sector Assets&Liabilities Management Corp. Assigned 'BB-' Foreign Currency And 'BB+' Local Currency Ratings $175.00
PSALM has a critical role and integral link with the Philippine government. We assigned a 'BB-' foreign currency and 'BB+' local currency long-term corporate credit rating to PSALM. The outlook on the rating is stable. On Oct. 19, 2009, Standard&Poor's ...
Proposed Notes Of Philippines' Power Sector Assets&Liabilities Management Corp. Rated 'BB-' $100.00
-- Government owned and controlled entity of critical importance and integral link to the government. -- We assigned a 'BB-'issue rating to the proposed notes. -- The rating reflects the Philippine government's irrevocable, unconditional, and ...

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