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26 Apr 2004
MOODY'S PLACES RATINGS OF TXU AUSTRALIA ON REVIEW FOR POSSIBLE UPGRADE AFTER ACCEPTANCE OF OFFER FROM SINGAPORE POWER
Approximately A$1,350m of securities affected
Sydney, April 26, 2004 -- Moody's Investors Service has placed all the underlying Baa2 ratings of
TXU Australia on review for possible upgrade following an agreement under
which Singapore Power Limited (Aa1) will purchase all the equity in TXU
Australia from TXU Corp (Ba1). The Aaa rating of the AUD MTN programs
wrapped by MBIA Insurnace Corporation remains unchanged.
The acquisition was announced on 26 April 2004 and financial close is
expected before 31 July 2004. The TXU businesses will supplement
the activities of SPI Powernet (Aaa, wrapped), the Victorian
electricity transmission company which is already owned by Singapore Power.
The acquisition is conditional upon a series of factors, including
approval by the Australian regulator (the ACCC), satisfactory review
of TXU contracts and other legal due diligence.
Singapore Power is expected to assume some of the debt of TXU Australia
and fund the rest of the acquisition cost with a mixture of new bridging
debt and equity. The bridging debt is expected to be refinanced
with longer-term funds before the end of calendar 2004.
Moody's expects that Singapore Power will manage the capital structure
of the TXU businesses in such a manner that the rating will not drop below
its current level.
The ratings have been placed on review for possible upgrade because of
the historically conservative financial approach taken by Singapore Power
towards its other assets and the expectation that the TXU businesses will
adopt a similarly conservative financial profile.
The review of the ratings will take into account:
the level of support, explicit or implied, if any,
from Singapore Power for the ongoing financial obligations of TXU Australia,
the eventual gearing and consequent financial metrics of the TXU
Australia entities, and
the extent to which the regulator insists on the divestment of
any of the combined businesses of Singapore Power in Australia.
Moody's expects that these factors will become resolved with the approach
of the financial close and thus expects to resolve the rating at or near
the time of this event.
The underlying ratings which have been place on review are as follows:
TXU Electricity Limited
o US$157.75 6.75% 144A notes due 12/2006
o US$40.0 7.25% 144A notes due 12/2016
TXU Australia Holdings (Ptnrship) Ltd. Ptnrship
o US$92.25m 6.75% 144A notes due 12/2006
o US$60m 7.25% 144A notes due 2016
o A$275m Floating rate MTN program due 9/2007
o A$200m 7.0% MTN program due 9/2005
TXU Australia Holdings:
o US$300m 6.15% 144A Notes due 11/2013
TXU Australia is an integrated energy company based in Melbourne.
Two-thirds of its assets and earnings are generated from its ownership
and operation of gas and electricity distribution networks and the remainder
from gas storage, electricity generation, and retail sales
Moody's Investors Service Pty Ltd
612 9270 8100
Vice President - Senior Analyst
Moody's Investors Service Pty Ltd
612 9270 8100
No Related Data.
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