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Credit Ratings

CLP Group entities achieved good credit rating result in annual review.

On 29 May 2018, Standard & Poor's ("S&P") affirmed the A and A+ credit ratings of CLP Holdings and CLP Power Hong Kong respectively with stable outlooks.  S&P expected CLP Holdings will steadily grow its cashflow and reduce leverage in coming two years owing to an increased contribution from its Australia business and our investment in Yangjiang Nuclear Power Station.  It also said the lowered permitted rate of return under the new Scheme of Control (SoC) Agreement should have a moderate impact on CLP Holdings' financial performance.  On 19 June 2018, S&P affirmed CAPCO’s AA- credit rating with stable outlook.  S&P opined that CAPCO benefits from a strong and transparent regulatory regime which all costs are passed through to the end user on a timely basis and the permitted return agreement between the Hong Kong Government and CAPCO underpins its ability to earn stable and predictable cash flows.

On 10 May 2018 and 21 May 2018, Moody's affirmed the A2 and A1 credit ratings of CLP Holdings and CLP Power Hong Kong respectively with stable outlooks.  The credit ratings reflect the large earnings contribution from CLP Power Hong Kong, which will continue to generate predictable cash flow supported by the CLP Group's strong financial profile, well-managed debt maturities and sound liquidity profile, amidst rising business exposure outside Hong Kong and reduction of permitted return under the new SoC Agreement.  On 6 June 2018, Moody’s affirmed A1 credit rating of CAPCO with stable outlook.  This rating reflects the company’s predictable cash flow and low-risk business profile, which are underpinned by its robust power purchase agreement with CLP Power Hong Kong and the stable regulatory environment in Hong Kong.

On 19 November 2017, S&P affirmed EnergyAustralia's BBB+ credit rating with stable outlook. The credit rating reflects S&P's views that EnergyAustralia's long-term fuel supply at the Mount Piper power station is fully secured, and the company's enhanced operational stability and stable plant performance whilst maintaining its position as one of the three largest integrated energy retailers in Australia.

 

CLP HoldingsCLP Power HKCAPCOEnergyAustralia
Standard &
Poor’s
Moody'sStandard &
Poor’s
Moody'sStandard &
Poor’s
Moody'sStandard &
Poor’s
Long term Rating
Foreign CurrencyCLP HoldingsAA2CLP Power HKA+A1CAPCOAA-A1EnergyAustraliaBBB+
OutlookCLP HoldingsStableStableCLP Power HKStableStableCAPCOStableStableEnergyAustraliaStable
Local CurrencyCLP HoldingsAA2CLP Power HKA+A1CAPCOAA-A1EnergyAustraliaBBB+
OutlookCLP HoldingsStableStableCLP Power HKStableStableCAPCOStableStableEnergyAustraliastable
Short term Rating
Foreign CurrencyCLP HoldingsA-1P-1CLP Power HKA-1P-1CAPCOA-1+P-1EnergyAustralia--
Local CurrencyCLP HoldingsA-1P-1CLP Power HKA-1P-1CAPCOA-1+P-1EnergyAustralia--

 

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