Downer EDI Limited (Downer) has received a statement from Fitch Ratings stating there will be no rating impact following the announcement on 2 July 2010 that Reliance Rail had received a letter of reservation of rights from its banking syndicate. Downer is currently rated BBB- (Outlook Stable) by Fitch Ratings.
In its statement, Fitch states that:
• The letter of reservation of rights does not represent an increase in the probability that Downer will incur cash losses from its Waratah trains manufacturing contract with Reliance Rail in excess of those already factored into Downer’s ratings.
• As of 2 July 2010, Downer’s liquidity remains adequate with $700m in available cash and undrawn debt facilities.
CONTACT DETAILS
Investors: Ross Moffat, Executive General Manager Investor Relations, T: +61 412 256 224
Media: Maryanne Graham, Group General Manager Corporate Affairs, T: +61 407 252 230
Downer EDI Limited is an ASX -100 company providing comprehensive engineering and infrastructure design, construction, maintenance and management services to the transport, energy, infrastructure, communications and the resources sectors. The Group works throughout Australia, New Zealand, Asia and the United Kingdom.