DOW 0.87% $5.71 downer edi limited

Strom in a tea cup its a problem related to Reliance Rail a NSW...

  1. 2,017 Posts.
    Strom in a tea cup its a problem related to Reliance Rail a NSW government consortium that is buying trains from Hitachi and Downer. They had a credit downgrade and mention it has no effect on the train project see below.

    Like many other infrastructure projects around the world, Reliance Rail has been
    exposed to changes in the international debt markets, particularly the rating downgrades
    of the financial guarantors, stemming from the Global Financial Crisis, Reliance Rail CEO
    Mr Terry Kearney said.
    Reliance Rail will continue to monitor the position of the financial guaranty industry and
    has plans in place to manage its commercial arrangements should the position of its
    financial guarantors change.
    The projects financial arrangements, which were established in 2006, remain in place.
    Todays action also has no impact on Reliance Rails ability to fulfil its contractual
    obligations to the Downer EDI Rail-Hitachi construction joint venture.
 
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