The Spanish Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
- Published: November 2011
- 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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The ratings on Enagas S.A., the owner and operator of the gas transmission grid in Spain, reflect the stability of the company's highly regulated cash flow, a supportive regulatory framework, and the absence of any diversification strategy. Furthermore, Enagas' activities are of strategic importance to the Spanish economy. The company's financial profile is moderate because a large debt-funded capital expenditure program will result in significant negative free cash flow generation over the next three years. Enagas owns 98% of the high-pressure transportation pipeline network in Spain, in addition to three out of four existing liquefied natural gas (LNG) regasification plants and one gas storage facility. The company also acts as a conduit for gas supplies to the regulated tariff market,...
Companies mentioned in this report are: Enagas S.A.
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