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Australia and New Zealand Corporate Ratings List

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Australia and New Zealand Corporate Ratings List

Chart 1

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As of July 2, 2024, S&P Global Ratings rated 103 corporate entities in the Pacific region. These comprised 83 issuers in Australia and 20 issuers in New Zealand.

We rate these entities in accordance with S&P Global Ratings' methodology for rating corporate industrial companies and utilities. For more details, see "General: Corporate Methodology," published on RatingsDirect on Nov. 19, 2013, and "S&P Global Ratings Definitions," Nov. 10, 2021.

Corporate ratings within the region are skewed toward investment grade, which accounts for 83% of ratings in Australia and 90% in New Zealand. By comparison, speculative grade accounts for a much smaller proportion at 17% and 10%, respectively.

Chart 2

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In Australia, the top six issuing sectors are real estate (20 ratings), followed by transport (18), utilities (10), metals and mining (6), engineering and construction (4), and business, consumer, and environmental services (4).

The most common ratings class in Australia is 'BBB' ('BBB+' to 'BBB-'), which accounts for the majority of ratings in building materials (100%), media and entertainment (100%), power (100%), and transport (78%).

This is followed by the 'A' ratings class ('A+' to 'A-'), which makes up most of the ratings in the telecom, real estate and utilities sectors.

Chart 3

image

In New Zealand, the top four issuing sectors are transport (5 ratings), power (4), telecom (3), and utilities (3). The most common ratings class is 'BBB', which makes up of all ratings in the power and real estate sectors.

This is followed by the 'A' ratings class, which makes up all ratings in agribusiness and commodity foods, and four of five ratings in transport.

Chart 4

image

Most ratings in the Pacific are not notched from the companies' stand-alone credit profile (SACP). This is the case for 83% of ratings in Australia (69 entities), and 70% in New Zealand (14 entities).

Among ratings that differ from the SACP, differences are mostly commonly one notch in Australia (7 ratings) as well as New Zealand (3 ratings).

Issuer credit ratings could differ from SACPs for government related entities (GREs) or entities that are part of a group. See "Rating Government-Related Entities: Methodology And Assumptions," March 26, 2015, and "Group Rating Methodology," July 1, 2019.

Chart 5

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Tables 1 and 2 list all corporate entities we rate in Australia and New Zealand. For further details on each issuer or rating, see the individual rating reports on www.capitaliq.com.

For our views on the Pacific region across sectors, see "Asia-Pacific Corporate Credit in 2024: Taking The Slow Road," Jan. 30, 2024, and "Pacific Infrastructure Handbook, Balancing Risks For Sustainable Growth," May 21, 2024.

Table 1

Corporates and infrastructure ratings - Australia

Name Ratings/Outlook SACP Ntch vs SACP Business risk profile Financial risk profile Industry

South32 Ltd.

BBB+/Stable/A-2 bbb+ 0 Satisfactory Modest Metals & mining

BlueScope Steel Ltd.

BBB-/Positive/-- bbb- 0 Fair Modest Metals & mining

Northern Star Resources Ltd.

BBB-/Stable/-- bbb- 0 Fair Modest Metals & mining

Fortescue Metals Group Ltd.

BB+/Stable/-- bb+ 0 Satisfactory Significant Metals & mining

Alumina Ltd.

BB/Negative/-- bb 0 Fair Significant Metals & mining

Coronado Global Resources Inc.

B+/Stable/-- b+ 0 Weak Highly leveraged Metals & mining

Woodside Energy Group Ltd.

BBB+/Stable/-- bbb+ 0 Satisfactory Modest Oil & gas

Santos Ltd.

BBB-/Stable/A-3 bbb- 0 Satisfactory Significant Oil & gas

Karoon Energy Ltd.

B/Stable/-- b 0 Vulnerable Significant Oil & gas

Incitec Pivot Ltd.

BBB/Stable/-- bbb 0 Satisfactory Intermediate Chemicals

Orica Ltd.

BBB/Stable/A-2 bbb 0 Satisfactory Intermediate Chemicals

Nufarm Ltd.

BB/Stable/-- bb 0 Weak Significant Chemicals

Snowy Hydro Ltd.

BBB+/Stable/-- bb 4 Satisfactory Highly leveraged Power

Energy Developments Pty Ltd.

BBB-/Stable/-- bb+ 1 Fair Significant Power

AGI Finance Pty Ltd.

A-/Stable/-- bbb+ 1 Excellent Significant Utilities

Australian Gas Networks Ltd.

A-/Stable/A-2 bbb+ 1 Excellent Significant Utilities

ETSA Utilities Finance Pty Ltd.

A-/Stable/-- a- 0 Excellent Intermediate Utilities

SGSP (Australia) Assets Pty Ltd.

A-/Stable/-- bbb+ 1 Strong Significant Utilities

Victoria Power Networks (Finance) Pty Ltd.

A-/Stable/-- a- 0 Excellent Significant Utilities

United Energy Distribution Holdings Pty Ltd.

A-/Stable/-- a- 0 Excellent Significant Utilities

ATCO Gas Australia Networks Pty Ltd.

BBB+/Stable/-- bbb+ 0 Excellent Significant Utilities

AusNet Pty Ltd.

BBB+/Stable/-- bbb+ 0 Excellent Aggressive Utilities

APA Infrastructure Ltd.

BBB/Stable/-- bbb 0 Excellent Aggressive Utilities

Ausgrid Finance Pty Ltd.

BBB/Stable/-- bbb 0 Excellent Aggressive Utilities

Airservices Australia

AAA/Stable/A-1+ bbb- 9 Strong Highly leveraged Transport

Australian Postal Corp.

A+/Negative/A-1 bbb 4 Satisfactory Intermediate Transport

Aurizon Network Pty Ltd.

BBB+/Stable/-- bbb+ 0 Strong Intermediate Transport

Aurizon Operations Ltd.

BBB+/Stable/-- bbb+ 0 Satisfactory Modest Transport

Australia Pacific Airports Corp. Ltd.

BBB+/Stable/-- bbb+ 0 Excellent Significant Transport

Brambles Ltd.

BBB+/Stable/A-2 bbb+ 0 Satisfactory Modest Transport

Southern Cross Airports Corp. Holdings Ltd.

BBB+/Stable/-- bbb+ 0 Excellent Significant Transport

Transurban Finance Co. Pty Ltd.

BBB+/Stable/-- bbb+ 0 Excellent Significant Transport

Adelaide Airport Ltd.

BBB/Stable/-- bbb 0 Strong Significant Transport

Arc Infrastructure WA Pty Ltd.

BBB/Stable/-- bbb- 1 Satisfactory Intermediate Transport

Brisbane Airport Corp. Pty Ltd.

BBB/Stable/-- bbb 0 Strong Significant Transport

NSW Ports Finance Co. Pty. Ltd.

BBB/Stable/-- bbb 0 Excellent Aggressive Transport

Perth Airport Pty Ltd.

BBB/Stable/-- bbb 0 Strong Significant Transport

QPH Finance Co. Pty. Ltd.

BBB/Stable/-- bbb 0 Strong Significant Transport

Transurban Queensland Finance Pty Ltd.

BBB/Stable/-- bbb- 1 Excellent Aggressive Transport

Pacific National Holdings Pty Ltd.

BBB-/Stable/-- bbb- 0 Satisfactory Significant Transport

Port of Newcastle Investments (Financing) Pty Ltd.

BB+/Positive/-- bb+ 0 Strong Significant Transport

One Rail Australia Holdings Ltd.

BB-/Stable/-- bb+ -2 Fair Intermediate Transport

Worley Ltd.

BBB/Stable/-- bbb 0 Satisfactory Intermediate E&C

CIMIC Group Ltd.

BBB-/Stable/A-3 bbb- 0 Satisfactory Intermediate E&C

Thiess Group Holdings Pty Ltd.

BB+/Stable/-- bb 1 Fair Significant E&C

Perenti Ltd.

BB/Positive/-- bb 0 Weak Intermediate E&C

CSR Ltd.

BBB+/Stable/-- bbb+ 0 Satisfactory Minimal Bldg mat/packaging

Amcor Pty Ltd.

BBB/Stable/A-2 bbb 0 Strong Significant Bldg mat/packaging

Defence Housing Australia

AA+/Stable/A-1+ bbb+ 6 Strong Modest Real estate

DEXUS Wholesale Property Fund

A/Stable/A-1 a 0 Strong Intermediate Real estate

Scentre Group

A/Stable/A-1 a 0 Excellent Intermediate Real estate

Vicinity Centres

A/Stable/-- a 0 Strong Intermediate Real estate

BWP Trust

A-/Stable/-- a- 0 Strong Modest Real estate

Dexus

A-/Stable/A-2 a- 0 Strong Intermediate Real estate

Goodman Australia Industrial Partnership

A-/Stable/-- a- 0 Strong Intermediate Real estate

GPT Group

A-/Stable/A-2 a- 0 Strong Intermediate Real estate

GPT Wholesale Office Fund

A-/Stable/A-2 a- 0 Strong Intermediate Real estate

Investa Commercial Property Fund

A-/Negative/-- a- 0 Strong Intermediate Real estate

Mirvac Wholesale Office Fund

A-/Negative/-- a- 0 Strong Intermediate Real estate

QIC Town Centre Fund

A-/Stable/A-2 a- 0 Strong Intermediate Real estate

Stockland

A-/Stable/A-2 a- 0 Strong Modest Real estate

Australian Prime Property Fund Commercial

BBB+/Stable/-- bbb+ 0 Strong Intermediate Real estate

Australian Prime Property Fund Retail

BBB+/Stable/A-2 bbb+ 0 Satisfactory Intermediate Real estate

Goodman Group

BBB+/Stable/-- bbb+ 0 Strong Modest Real estate

GPT Wholesale Shopping Centre Fund

BBB+/Stable/-- bbb+ 0 Satisfactory Intermediate Real estate

QIC Property Fund

BBB+/Stable/-- bbb+ 0 Strong Significant Real estate

Charter Hall Prime Office Fund

BBB-/Stable/-- bbb- 0 Strong Aggressive Real estate

Goodman Australia Partnership

BBB/Stable/-- bbb 0 Satisfactory Intermediate Real estate

Singtel Optus Pty Ltd.

A-/Stable/A-2 bbb- 3 Satisfactory Significant Telecom

Telstra Group Ltd.

A-/Stable/A-2 a- 0 Strong Intermediate Telecom

Voyage Australia Pty Ltd.

BB-/Stable/-- bb- 0 Fair Aggressive Telecom

Lottery Corp. Ltd.

BBB+/Stable/-- bbb+ 0 Strong Significant Media & ent

Aristocrat Leisure Ltd.

BBB-/Stable/-- bbb- 0 Fair Modest Media & ent

MYOB Group Co. Pty Ltd.

B-/Negative/-- b- 0 Weak Highly leveraged Tech software

Computershare Ltd.

BBB/Stable/-- bbb 0 Satisfactory Intermediate Biz/cons/env svc

Ventia Services Group Ltd.

BBB/Stable/-- bbb 0 Fair Modest Biz/cons/env svc

Legal Search Holdings Pty Ltd.

B-/Stable/-- b -1 Weak Highly leveraged Biz/cons/env svc

Recycle and Resource Operations Pty Ltd.

B-/Negative/-- b- 0 Weak Highly leveraged Biz/cons/env svc

CSL Ltd.

A-/Stable/A-2 a- 0 Strong Modest Pharma

Snacking Investments HoldCo Pty Ltd.

B/Stable/-- b 0 Fair Highly leveraged Cons products

Wesfarmers Ltd.

A-/Stable/A-2 a- 0 Strong Intermediate Retail & restr

Coles Group Ltd.

BBB+/Stable/-- bbb+ 0 Strong Intermediate Retail & restr

Woolworths Group Ltd.

BBB/Stable/A-2 bbb 0 Strong Significant Retail & restr

Data as of July 2, 2024. Ntch vs SACP--Notches difference versus stand-alone credit profile. Biz/cons/env svc--Business, consumer and environmental services. Bldg mat--Building materials. Cons products--Consumer products. E&C--Engineering and construction. Media & ent--Media and entertainment. Pharma--Pharmaceuticals. Restr--Restaurants. Tech software--Technology software. Telecom--Telecommunication. Source: S&P Global Ratings.

Table 2

Corporates and infrastructure ratings - New Zealand

Name Ratings/Outlook SACP Ntch vs SACP Business risk profile Financial risk profile Industry

Genesis Energy Ltd.

BBB+/Stable/A-2 bbb 1 Satisfactory Intermediate Power

Mercury NZ Ltd.

BBB+/Stable/A-2 bbb 1 Satisfactory Intermediate Power

Meridian Energy Ltd.

BBB+/Stable/A-2 bbb 1 Satisfactory Intermediate Power

Contact Energy Ltd.

BBB/Stable/A-2 bbb 0 Satisfactory Intermediate Power

Transpower New Zealand Ltd.

AA/Stable/A-1+ a 3 Excellent Intermediate Utilities

Vector Ltd.

BBB+/Positive/-- bbb+ 0 Excellent Intermediate Utilities

Powerco Ltd.

BBB/Stable/A-2 bbb 0 Excellent Aggressive Utilities

New Zealand Post Ltd.

A/Negative/A-1 bbb- 4 Fair Intermediate Transport

Auckland International Airport Ltd.

A-/Stable/A-2 a- 0 Excellent Significant Transport

Christchurch International Airport Ltd.

A-/Stable/A-2 bbb 2 Strong Intermediate Transport

Port of Tauranga Ltd.

A-/Stable/A-2 a- 0 Satisfactory Modest Transport

Wellington International Airport Ltd.

BBB/Stable/A-2 bbb 0 Strong Significant Transport

Goodman Property Trust

BBB/Stable/-- bbb 0 Satisfactory Intermediate Real estate

Kiwi Property Group Ltd.

BBB/Negative/-- bbb 0 Satisfactory Intermediate Real estate

Spark New Zealand Ltd.

A-/Stable/A-2 a- 0 Satisfactory Modest Telecom

Chorus Ltd.

BBB/Stable/-- bbb 0 Excellent Aggressive Telecom

2Degrees Group Ltd.

BB-/Stable/-- bb- 0 Fair Aggressive Telecom

SKYCITY Entertainment Group Ltd.

BBB-/Stable/-- bbb- 0 Satisfactory Intermediate Media & ent

Titan Parent New Zealand Ltd.

B-/Stable/-- b- 0 Weak Highly leveraged Media & ent

Fonterra Co-operative Group Ltd.

A-/Stable/A-2 a- 0 Strong Intermediate Agri & commod

Data as of July 2, 2024. Ntch vs SACP--Notches difference versus stand-alone credit profile. Agri & commod--Agribusiness and commodity Foods. Media & ent--Media and entertainment. Telecom--Telecommunication. Source: S&P Global Ratings.

Related Research

This report does not constitute a rating action.

Primary Credit Analyst:Charles Chang, Hong Kong (852) 2533-3543;
charles.chang@spglobal.com
Secondary Contacts:Paul R Draffin, Melbourne + 61 3 9631 2122;
paul.draffin@spglobal.com
Abhishek Dangra, FRM, Singapore + 65 6216 1121;
abhishek.dangra@spglobal.com
Claire Sun, Hong Kong +852 25328023;
claire.sun@spglobal.com
Melody Peng, Hong Kong;
melody.peng@spglobal.com

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