S&P keeps Redbank on negative watch

Standard & Poor's said its CCC+ long-term rating on Redbank Project Pty Ltd.'s senior secured debt remains on CreditWatch with negative implications, where it was initially placed on May 29.

S&P said it believes Redbank's continuing weak liquidity could be exacerbated by potential poor operations over the next three to six months.

Furthermore, the agency said it has yet to receive copies of the revised terms and conditions of the working capital and liquidity facilities that were subject to review by the project's lenders at the end of June 2009, although Redbank has represented that the lenders have informally agreed to extend the facilities, subject to terms still to be documented by the lenders.

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