Industry Report Card: European Electricity Utilities Dec 02

Standard & Poors, December 2002

Abstract
Between July-November 2002, the European electricity sector continued to be affected by the negative sentiments that have influenced the industry's ratings over the past few years. Rapidly deteriorating utility ratings in the U.K. are mainly due to the exceptional circumstances currently affecting the national power sector. Since July 1, 2002, there have been 11 rating actions on European electricity utilities: eight were downgraded, and four retained a negative outlook or remained on CreditWatch with negative implications. The ratings on three utilities were raised: two after they were acquired by stronger partners, and one owing to its improving stand-alone credit quality. The general sector trends that are likely to continue to influence European electric utility credit quality include: ongoing market liberalization...

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Electricite de France S.A.
- United Utilities PLC
- Teollisuuden Voima Oyj
- Endesa S.A.
- E.ON Sverige AB
- E.ON U.K. PLC
- Vattenfall AB
- SSE PLC
- Iberdrola S.A.
- Scottish Power U.K. PLC
- Suez S.A.
- Verbund AG
- EVN AG
- CEZ a.s.
- Statkraft SF
- E.ON SE
- Edison SpA
- Nuon Power Generation B.V.
- Public Power Corp. S.A.
- EDF Energy Nuclear Generation Group Ltd.
- Statnett SF
- Mosenergo (AO)
- Slovenske Elektrarne a.s.
- Eneco Holding N.V.
- Hrvatska Elektroprivreda d.d.
- Landsvirkjun
- Severomoravska Energetika a.s.
- Avon Energy Partners Holdings
- Northern Powergrid Holdings Co.
- Fingrid Oyj
- Lietuvos Energija
- Irkutskenergo, AO EiE
- Enemalta Corp.
- Kazakhstan Electricity Grid Operating Co. (JSC)
- TXU Europe Ltd.
- Centrica PLC
- Alliander N.V.
- Energie AG Oberoesterreich
- Acea SpA
- PPL WW Holdings Ltd.
- Zapadoceska Energetika a.s.
- EDP - Energias de Portugal S.A.
- KELAG
- RWE AG
- Graninge AB
- Enel SpA
- DONG Energy Power A/S
- BOT Elektrownia Turow S.A.
- RWE Npower PLC
- Red Electrica Corporacion S.A.
- EnBW Energie Baden-Wuerttemberg AG
- Elkraft Transmission amba
- Elkraft System amba
- Eltra amba
- Essent N.V.
- EDF Energy Customers PLC
- National Grid PLC
- Eesti Energia AS
- RAO UES of Russia
- ENERGI E2 A/S
- Fortum Oyj
- C.N. Transelectrica S.A.

Customers who bought this item also bought

• Aerospace and Defense Industry - Global Strategic Business Report
• Analyzing the Global Aerospace and Defense Industry
• Defense Spending - Global Group of Eight (G8) Industry Guide
• Aerospace & Defense in Europe
• Aerospace and Defence Industry - Global Strategic Business Report
• Commercial And Military Flight Simulation - Global Strategic Business Report
• Comparative SWOT Analysis - World's 13 Leading Defense & Aerospace Companies - Q4 2011
• World's 13 Leading Defense & Aerospace Companies - Key Strategies, Plans, SWOT, Trends & Outlook for 2012
• Aerospace & Defense in Spain
• The Czech Defense Industry - Competitive Landscape and Strategic Insights to 2017: Market Profile