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Bond Market News
Port of Newcastle Upgraded to IG Status of BBB- by S&P
August 30, 2024
Port of Newcastle Investments was upgraded to IG status of BBB- from HY status of BB+ by S&P, making it a rising star. The upgrade comes on the back of successful implementation of new wharfage tariff regime in April 2024. The new pricing regime which is based on regulatory pricing principles, has materially strengthened the cash flow for the company. S&P anticipates coal volumes to recover in 2024 and this along with prices rises, a lack of additional legal costs and one-off redundancies should cause EBITDA margins of the company to strengthen to ~65% in 2024 and 71.8% in 2025. The company’s financial policies and a track record illustrating willingness to maintain metrics at a higher level remains key to further rating uplift, according to S&P.
Its USD 5.9% 2031s traded stable at 93.55, yielding 7.05%.
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