Coles issuer ratings raised to 'Baa1' from 'Baa2' with stable outlook - Moody's |
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Published
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Mon, 12 Nov 2007 06:13
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has upgraded Australia's second largest retailer Coles Group Ltd's issuer rating to 'Baa1' from 'Baa2' with a stable outlook following Wesfarmers Ltd's acquisition of Coles and the benefits of incorporation into a larger, more diversified group.The ratings agency said it upgraded the senior unsecured ratings for debt issuances from Coles' wholly-owned finance entities Coles Group Finance Ltd and Coles Group Finance (USA) Ltd to 'Baa1' from 'Baa2'.Moody's also confirmed the 'P-2' short term rating on the company.The 'Baa1' ratings considers the credit profile of the consolidated group, including the diversified operations across retailing, coal, insurance, energy and safety equipment, the ratings agency said.Moody's said the ratings also reflect the significant execution and integration risks associated with the proposed acquisition along with the risks related to rejuvenating Coles supermarkets and Kmart operations.TFN.newsdesk@thomson.comndi/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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American Water senior unsecured issuer ratings downgraded to 'Baa2' - Moody's 