| Title: | Summary: Redbank Project Pty Ltd. |
| Price: | $175.00 |
| Publication Date: | Apr 28, 2008 |
| Report Type: | Summary |
| Abstract: | The 'BB+' ratings on Redbank Project Pty Ltd.'s A$261.5 million senior secured debt primarily reflect the power-plant owner's weak operating metrics, which have fallen below expectations due to various technical problems and construction quality-control issues, and variability in the primary fuel supplies for the plant. Other constraining factors for the ratings include Redbank's aggressive financing structure, with weaker-than-expected debt cover. These weaknesses are partly mitigated by the revenue certainty coming from Redbank's Power Purchase Hedge Agreement (PPHA) with the state-owned EnergyAustralia for the majority of the plant's output, and the fuel-cost protection from the fuel-supply agreement with an adjacent mine for a similar tenor as the PPHA. Redbank is a special-purpose entity that owns and operates a single-unit 135 megawatt |
| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Redbank Project Pty Ltd. Publication date: ##-Apr-#### Primary Credit Analyst: Rosalind Poh, Melbourne (##) # #### ####; rosalind_poh@standardandpoors.com Secondary Credit Analyst: David Hyman,... |
| Word Count: | 1580 |
| Issuer: | Redbank Project Pty Ltd. |
| GICS: | Independent Power Producers & Energy Traders (55105010) |
| Sector: | Global Issuers, Utilities, Capital Goods |
| Country: | Australia |
| Region: | Pacific |
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