, which features a portfolio with intermediate term characteristics will continue to be managed by Nuveen Advisory Corp.
Of course, when you extend maturities
you should bear in mind when the funds will be needed.
were $266 million at of March 31, 2005.
Remaining maturities in 2003 are USD 112 mln, which is primarily trade lines that management informs us have been kept current.
Remaining short term maturities consist of a USD 150 mln FRN, rescheduled last year to October 2003 and trade lines USD 153 mln).
The Rating Outlook remains Negative due to the near term maturities
NHP faces under its medium term notes (MTN) program.
The new plan will reduce 2004 maturities
to $230 million from the previous schedule of $604 million, 2005 maturities
to $84 million from $609 million, 2006 maturities
to $755 million from $1.
From Fitch's perspective the company's ability to manage its maturity schedule and liquidity is a key rating consideration given the company's lack of capital market access to refinance maturities
and limited pool of assets available for sale in a timely manner.
If the exchange does not occur, Fitch anticipates that the ratings on USI's senior secured notes will be at the 'CCC' level as USI will be faced with significant debt maturities
in the subsequent 12 months that would make it difficult for the company to meet its financial commitments without sustained, favorable business or economic developments in the absence of alternative refinancings.
Eletropaulo's credit rating has been lowered to reflect the company's likely default on upcoming debt maturities
due to a further delay in receiving BNDES cash, a continued slide in the Brazilian real, lack of refinancing alternatives in Brazil and overall poor credit market conditions facing Brazilian issuers despite the recent loan to Brazil from the IMF.
To address upcoming maturities
at Eletropaulo and its holding companies, AES ELPA and AES Transgas, the company has retained a financial advisor to help design a financial structure at both the operating and holding company levels with the objective of lowering near term liquidity needs and extending upcoming maturities