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S&P AFFIRMS BBB LONG TERM CREDIT RATING ON CALTEX AUSTRALIA.
SYDNEY, March 3 Asia Pulse - Standard & Poor's Ratings Services said today it has affirmed its BBB long-term corporate credit rating on Caltex Australia Ltd.
At the same time, Standard & Poor's raised its short-term corporate credit rating on the company to A2 from A3, and revised the outlook to stable from negative.
S&P said that the rating upgrade and outlook revision follows the company's improved financial performance and achievement of significant debt reduction in fiscal 2002.
It said that free operating cash flow derived principally from tight capital expenditure controls, and improved working capital and cost management enabled the company to reduce its net debt to A$954 million (US$577.65 million) in fiscal 2002, exceeding its targeted debt level of A$1.075 billion (US$650.91 million).
Debt reduction and an improvement in the company's capital structure were key management objectives during 2002.
S&P said that Caltex maintains a leading market position, with about 28 per cent of the Australian refining, marketing, and distribution ...
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Source: HighBeam Research, S&P AFFIRMS BBB LONG TERM CREDIT RATING ON CALTEX AUSTRALIA.