The Spanish Defense Industry: Market Opportunities and Entry Strategies, Analyses and Forecasts to 2017
- Language: English
- 158 Pages
- Published: July 2012
- Region: Spain
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
The ratings on Red Electrica de Espana S.A. (REE), the owner and operator of most of the high-voltage electricity transmission grid in Spain, reflect REE's strong business position based on its near-monopoly of electricity transmission (98% of the 400 kilovolt lines), and the strategic importance of its core operations. A supportive regulatory regime providing stable and predictable cash flows underpins the ratings. These strengths are partly offset by REE's debt funding and diversification into speculative businesses, such as telecommunications, and its plans to continue expansion in higher-risk countries. REE was created on Jan. 29, 1985, to operate the Spanish national transmission grid, including international interconnectors. REE also operates the electricity system and manages the international electricity contracts. REE is responsible...
Companies mentioned in this report are: Red Electrica Corporacion S.A.
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Red Electrica Corporacion S.A.