5 July 2010 No Impact on Downers Credit Rating 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 Downers ratings. As of 2 July 2010, Downers liquidity remains adequate with $700m in available cash and undrawn debt facilities.
DOW Price at posting:
$3.59 Sentiment: None Disclosure: Held
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