新报告:日益增长的水资源短缺我们隐藏的财务风险对投资者拥有效用债券
洛杉矶、亚特兰大公用事业面临越来越多的风险,根据风险评估报告的水
2010年10月21日下午1:30点等
(3去年可比我们波士顿——金博宝手机版网页10月21日,2010年在美国许多地区缺水是一个隐藏的财务风险投资者购买水和电力公司债券融资的国家巨大的水和电力基础设施,根据今天公布的首次报告问题刻瑞斯和水资产管理。这份报告,连锁反应:水在市政债券市场风险、评估和排名缺水风险公共水和电力公司在这个国家的一些最缺水的地区,包括洛杉矶、凤凰、达拉斯和亚特兰大。报告显示,一些国家最大的公用事业可能面临中度到重度的供水短缺在未来几年,然而,这些风险没有反映在债券的定价或披露,公用事业依赖为基础设施项目融资。在这个国家大约有50000所公立水务服务估计有2.58亿美国人。电力部门的用水量巨大——占全国淡水资源的41%。“缺水风险越来越大,许多全国公用事业和投资者持有债券甚至不知道它,“说明迪傻大个,谷神星的总裁撰写报告。“公用事业依靠水来偿还债券的债务。如果供水不足,公用事业收入可能下降,这意味着更少的钱来偿还债券。我们的报告表明,这种风险场景是一个截然不同的可能性为缺水地区的公用事业和债券投资者应该意识到它。”The report includes a model, to assess both water and electric utility water risk exposure. It compares, using publicly available information, their available supplies with projected water demand up to 2030, using stress scenarios that incorporate climate change impacts, regional water conflicts, water-saving regulatory actions and other potential external risks on water supplies. Eight existing municipal bonds for water and electric power utilities were examined, in water-stressed regions in southern California, Arizona, Alabama, Georgia and Texas. Each of the bonds received water scarcity scores, representing their exposure to potential water related risks. Los Angeles and Atlanta water utility system bonds received the highest risk scores. “The model findings show markedly different water scarcity risks across the different bonds.” Lubber said. “This will provide investors and ratings agencies with further insight into water risks and encourage utilities to disclosure more fully how they are managing them." (有关详细信息,请参阅报告执行概要。),报告的结论是,目前的信贷评级机构的方法可以解决水资源短缺风险,为公用事业公司提供建议,投资者,承销商和信用评级机构管理新兴实用水风险债券。报告表明,为了使效用债券评级传达一种公用事业的真正creditrisk,它必须结合系统对水资源短缺风险的脆弱性。“今天的信用评级机构未能将这些指标一致,给投资者留下了足够的信息来管理他们在持有这种债券的潜在风险,”报告指出。报告包括公用事业的具体建议,投资者,承销商和信用评级机构来管理新兴实用水风险债券:下载完整报告的副本。笔记编辑:关于模型的模型都是基于分析关键水供给和需求因素影响实用程序仅基于公开信息,包括公共信息披露,并可能不能反映真正的风险,每个实用程序如果公众信息并不准确。水风险评分不给一个表明债券发行人发生的可能性是违约债券偿还。这是一个得分与水只供给不足的风险。评估违约风险,这水风险评分需要分析与财务状况的工具。关于这份报告的建议
报告包括公用事业的具体建议,投资者,承销商和信用评级机构来管理新兴实用水风险债券:水务:·改善信息披露材料水压力等暴露在持续干旱或长期的气候变化,州际法律冲突,和潜在的和现有的监管行为与环境流。信息披露应包括潜在的资本成本,利率调整和收入影响供水风险。·实施新的定价策略和保护动机,反映水资源短缺和节水奖励。·投资成本效益的基础设施,减少渗漏和鼓励水补给和重用。电力公司:·改善信息披露的材料对水的水压力引起的竞争加剧,新兴法规和不断变化的气候条件。这样的披露应包括水生成强度,关键的水源和潜在的资本成本,利率调整和收入的影响从水风险。·投资降低风险的措施,如减少能源使用,因此水需求的策略。风险评级机构:·采用水压力测试,以了解发行人的水资源短缺风险的敏感性。水·因素强度为电力公司的信用评级。·奖励,通过更高的评级,实用程序,通过定价管理水资源需求的预期未来的供应限制。 Bond Underwriters: · Assist utilities in disclosing their sensitivity to water stress and plans for mitigating their risk. · Help to secure competitive cost of capital for utilities managing water risk. Investors: · Engage large utilities on their sensitivity to water stress. · Ask asset managers to assess and engage utilities on water risks. · Request guidance from financial regulators on municipal disclosure of water and climate risks. About Ceres is a national coalition of investors, environmental groups, and other public interest organizations working with companies to address sustainability challenges such as water scarcity and climate change. Ceres directs the Investor Network on Climate Risk (INCR), a North American network of institutional investors focused on addressing the financial risks and investment opportunities posed by climate change. INCR currently has more than 90 members with collective assets totalling more than $9 trillion. Water Asset Management is a global equity investor in public and private water related companies and assets. Those include regulated water and wastewater utilities, water infrastructure companies, water test and measurement equipment, water treatment technologies, and water resources including water rights, storage and effluent credits. Water Asset Management combines investment management with industry operating and capital commitment experience.
报告包括公用事业的具体建议,投资者,承销商和信用评级机构来管理新兴实用水风险债券:水务:·改善信息披露材料水压力等暴露在持续干旱或长期的气候变化,州际法律冲突,和潜在的和现有的监管行为与环境流。信息披露应包括潜在的资本成本,利率调整和收入影响供水风险。·实施新的定价策略和保护动机,反映水资源短缺和节水奖励。·投资成本效益的基础设施,减少渗漏和鼓励水补给和重用。电力公司:·改善信息披露的材料对水的水压力引起的竞争加剧,新兴法规和不断变化的气候条件。这样的披露应包括水生成强度,关键的水源和潜在的资本成本,利率调整和收入的影响从水风险。·投资降低风险的措施,如减少能源使用,因此水需求的策略。风险评级机构:·采用水压力测试,以了解发行人的水资源短缺风险的敏感性。水·因素强度为电力公司的信用评级。·奖励,通过更高的评级,实用程序,通过定价管理水资源需求的预期未来的供应限制。 Bond Underwriters: · Assist utilities in disclosing their sensitivity to water stress and plans for mitigating their risk. · Help to secure competitive cost of capital for utilities managing water risk. Investors: · Engage large utilities on their sensitivity to water stress. · Ask asset managers to assess and engage utilities on water risks. · Request guidance from financial regulators on municipal disclosure of water and climate risks. About Ceres is a national coalition of investors, environmental groups, and other public interest organizations working with companies to address sustainability challenges such as water scarcity and climate change. Ceres directs the Investor Network on Climate Risk (INCR), a North American network of institutional investors focused on addressing the financial risks and investment opportunities posed by climate change. INCR currently has more than 90 members with collective assets totalling more than $9 trillion. Water Asset Management is a global equity investor in public and private water related companies and assets. Those include regulated water and wastewater utilities, water infrastructure companies, water test and measurement equipment, water treatment technologies, and water resources including water rights, storage and effluent credits. Water Asset Management combines investment management with industry operating and capital commitment experience.
