s and p affirms b and b ratings

Sydney - Friday - August 22: (RWE Aust Business News) - Standard
& Poor's has affirmed its BB-plus/B ratings on Babcock & Brown
International, a subsidiary of Babcock & Brown Ltd (ASX:BNB).
The rating outlook is stable.
"We are not surprised that, in the current market environment,
the group had had to make impairment charges against assets and
investments, and the amount involved ($441 million) is not outside
expectations," S&P creidt analyst Ian Greer said.
The stable outlook on the rating is underpinned by S&P's
expectations that B&B Ltd and B&B International would be able to keep its
bankers, especially the main syndicate, on side through executing its
stated strategy.
The ratings may be lowered if asset sales, such as those for the
European wind assets, do not proceed as expected, or exposure to Babcock
& Brown Power (ASX:BBP) is not reduced as expected.