Australia's AGL Energy ratings not immediately hit by cut in FY guidance - S&P |
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Published
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Mon, 15 Oct 2007 08:17
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said AGL Energy's downward revision to its 2008 profit outlook has no immediate impact on the company's corporate credit rating.Australia's largest energy retailer cut its underlying net profit guidance for the year to June 2008 to 330-360 mln aud from 380-400 mln, citing recent market conditions -- including reduced retail energy margins, the strengthening of the Australian dollar against the US dollar and increased wholesale gas costs.'Although the revised earnings outlook reduces AGLE's credit metrics below our near-term expectations, we expect that the company will manage its business and capital profile in the medium term so that its funds from operations to interest cover recovers...,' S&P said.It cautioned that any further drop in earnings outlook, or a delay in the recovery of credit metrics over the medium-term, will likely result in a rating downgrade of AGLE.TFN.newsdesk@thomson.comssh/jro
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