Moody’s revises Alinta view to developing

Moody's Investors Service said it revised the outlook on Alinta Energy Finance Pty Ltd.'s Ba3 senior secured bank credit facility rating and Alinta Holdings' Ba3 corporate family rating to developing from positive.

The outlook change comes after an announcement by Chow Tai Fook Enterprise (unrated) of its agreement to acquire 100% of Alinta's equity interests from the existing shareholders. The acquisition is subject to approval by Australia's Foreign Investment Review Board.

More than 70% of Alinta's issued capital is owned by private equity investors and hedge funds, with the investment managed by TPG Capital, Oaktree Capital and Anchorage Capital. The remaining equity interests are held by other financial institutions and management.

"The developing outlook reflects the possibility that Alinta's credit profile could materially change post acquisition, which we believe would most likely result from changes to the company's capital structure under the new owner," Moody's vice president and senior analyst Spencer Ng said in a news release.

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