Aurizon Holdings Limited: Update to credit analysis following HY2019 results
Aurizon's credit profile remains solid by virtue of its dominant position in Queensland coal haulage, despite a temporary weakening in FY2019 due to true ups from UT5FD.Aurizon Holdings is engaged in integrated heavy haul freight railway operation; rail transportation of coal from mine to port for export markets; bulk, general and containerised freight businesses; and rail services activities. Co. has three segments: Network, which is engaged in the provision of access to, and operation and management of, the Central Queensland Coal Network; Commercial & Marketing, which is engaged in the commercial negotiation of sales contracts and customer relationship management; as well as Operations, which is engaged in the national delivery of various coal, iron ore, bulk and intermodal haulage services, and in the maintenance of rollingstock fleet assets.
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