S&P affirms Powerco

S&P said it affirmed the BBB long-term issuer credit rating on Powerco Ltd.

The outlook remains stable.

At the same time, the agency affirmed the BBB issue ratings on Powerco's debt instruments.

Powerco intends to increase its gearing through debt funding of its capital expenditure and/or higher shareholder returns, which will keep its cash flow leverage at around 8.5% to 9% over the next two to three years, S&P said.

“We affirmed the ratings to reflect our view that Powerco's proposed changes to its capital structure allow the company to continue operating at its target rating of BBB,” the agency said in a news release.

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