Chart 1
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
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
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
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
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 |
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 |
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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
- Corporate Rating Component Scores Asia Pacific Q2 2024, July 23, 2024
- Pacific Infrastructure Handbook, Balancing Risks For Sustainable Growth, May 21, 2024
- Asia-Pacific Corporate Credit in 2024: Taking The Slow Road, Jan. 30, 2024.
- S&P Global Ratings Definitions, Nov. 10, 2021
- General: Corporate Methodology, Nov. 19, 2013
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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