...SYDNEY (Standard & Poor's) Jan. 21, 2016--Standard & Poor's Ratings Services said today that its '###/Positive' issuer credit rating on NSW Ports Finance Co. Pty. Ltd and '###/Stable' issuer credit rating on QPH Finance Co. Pty. Ltd. are unaffected by the industrial actions at the ports of Sydney and Brisbane disrupting the operations at Patrick, part of the Asciano Ltd. group and one of the main stevedores in both locations. Lost hours at Patrick's operations have been limited at this stage but further industrial actions could occur over the coming weeks. In our view, the presence of three stevedores at each location provides adequate back-up for volumes to be redirected from Patrick's operations, noting that Patrick's scheduling flexibility can likely mitigate disruption because of the relative short work stoppages to date. Since both companies' earnings are correlated to total volumes going through their respective ports with no stevedore preference, we hold the view that the large distance...
