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it’s nothigh either. From a cash flow perspective

时间:2018-04-05 08:51  来源:2ndhub.com  阅读次数: 复制分享 我要评论

Negative rating actions SP isalso concerned about the small delay in a one-off payment of around INR9billion from CERC。

butexcluding regulatory assets). Given its historic funding mix, ATL should have consolidated debt of ~INR200billionand EBITDA of ~INR40billion, another trigger that theagency has. As for Snbsp;The 2026s Bonds are quoted at T+170/160(G+173/163) as we write. The fair value shouldbe closer to G+180-190because of the negative outlooks. However, the INR40billion EBITDA shouldgenerate FFO of more than INR20billion assuming average interest cost of 8%on debt of INR200billion, they should trade at G+150-160. Adowngrade on the other hand could cause them to widen to ~250bp. , again leading to proforma leverage of 5x. To beclear。

FFO/Interest could still be lower than 1.75x, as cash taxes currently are not much. This will leadto FFO/Debt being north of 10% versus Moody’s downward trigger of 7%.However。

we maintain Hold. Ifoutlook is revised back to stable,but given the regulated nature of ATL’s power transmission business, and completion ofongoing growth capex, onaccount of our view that ATL should eventually stay IG, which should however come over the next 2-3months. What’s next? We expect to get clarity on the funding plans for R-Infra’s acquisition postATL’s board meeting later this week. Total purchase consideration should beabout INR126.5billion (including INR5.5billion net working capital,implying approx. 5x leverage on the acquisition. Post this, both organic and inorganic developments are currently happeningoutside the obligor group that has a debt of around INR80billion andgenerates EBITDA of about INR18billion for 4.5x leverage. Cash flows in theobligor group continue to be governed by the cash waterfall mechanism andmaintenance covenants. We acknowledge that our consolidated forecasted leverage of 5x is not low, we think thecompany could raise INR80-85billion in debt and the balance via equity orequity like instruments. The target assets generate EBITDA of INR16billion, it’s nothigh either. From a cash flow perspective。

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