The asset has no counterparty risk, thanks to the contracts and Victorian government’s AA/Aa2 (stable) rating. On the cost side, operators Ventia and Suez are contracted on a set-price basis to 2039, cushioning Aquasure’s owners against cost blow-ups. Aquasure itself has an A- rating, with forecast debt service coverage ratio of 1.4-times, according to the flyer. |