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

Report title: Summary: Power Sector Assets&Liabilities Management Corp.

from S&P Credit Research
1364 word report published Nov 08, 2009

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Abstract:

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 sector in the Philippines. "Integral" link with its owner, the Philippine government, evident from the government's full ownership of the utility and significant

Brief Excerpt:

RESEARCH Ratings Definitions Summary: 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...

Report Type:

Summary

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.

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