S&P cuts Redbank

Standard & Poor's said it has lowered its long-term rating on Redbank Project Pty Ltd.'s senior secured debt to CCC- from CCC+. The CCC- rating also applies to the A$170 million senior secured bonds issued by RB Pass Through Pty Ltd., a securitization vehicle for part of Redbank's project debt.

The action reflects the continued operating difficulties at the Redbank power plant since October 2009, S&P said, and uncertainty on the adequacy of the planned capital works to stabilize operations.

These factors have increased the project's reliance on equity support and could exacerbate Redbank's weak liquidity position, the agency said.

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