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BULLETIN: Red Electrica de Espana 'AA-/A-1+' Ratings Unchanged on Redalta Acquisition
Standard & Poors, Feb 2005
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
LONDON (Standard & Poor's) Feb. 16, 2005--Standard & Poor's Ratings Services said today that its ratings and outlook on Red Electrica de Espana S.A. (REE; AA-/Stable/A-1+), the electricity system operator and owner of the bulk of the electricity transmission grid assets in Spain, remain unchanged following the group's announcement that it has reached an agreement to exercise its option to acquire 75% of Red de Alta Tension (Redalta). Redalta is 75% owned by private equity firm CVC Capital Partners Europe Ltd. and 25% by REE and in 2002 the company acquired the transmission assets of Iberdrola S.A. (A+/Stable/A-1). Standard & Poor's was expecting REE to exercise its purchase option in December 2007. The increase in debt resulting from the acquisition...
Companies mentioned in this report are: Red Electrica Corporacion S.A.
Action: Bulletin
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