On Jan. 28, 2009, Standard&Poor's Ratings Services placed its 'A+' local and foreign long-term ratings on Austrian utility KELAG on CreditWatch with negative implications. The CreditWatch placement reflects KELAG's weak liquidity, and its near-term refinancing risk on a €150 million bond that matures on May 7, 2009. The company aims to refinance the bond in the domestic or international bond markets once its 2008 annual accounts have been approved by its board of directors in April. To reduce refinancing risk, KELAG has obtained a nonbinding offer for a bridge loan, which it expects to be signed in March. However, until a binding commitment is received there remains a funding gap, which is a cause for concern in light
