CLP Holdings is raising more than A$2 billion ($12.31 billion) in the debt market to fund the acquisition and refinancing of energy retailing and generation assets in Australia. A bank syndicate including Commonwealth Bank of Australia, JP Morgan and National Australia Bank offered to provide non-recourse debt financing of A$2 billion to CLP Power Australia Energy Holdings, a CLP company, to help fund the A$2.2 billion acquisition, according to Basis Point. The debt would also be used to refinance a A$1.13 billion loan of CLP's sole asset in Australia - the 1,480-megawatt power plant in Yallourn, Victoria. However, the higher-risk profile is likely to see CLP's credit rating downgraded by Standard & Poor's Ratings Services and Moody's Investor Service, which have put the utility on credit watch. Last week, CLP said it was in advanced talks with Singapore Power and expected to finalise an agreement shortly to buy its energy retailing and power generation assets in Australia.