Summary: Sociedad General de Aguas de Barcelona S.A. Dec 05
- ID: 1712882
- December 2005
- Standard & Poors
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 Sociedad General de Aguas de Barcelona S.A. (Agbar) remain underpinned by the company's position as the leading Spanish water utility and its recurrent cash flow generation. Agbar has also shown a prudent expansion policy, seeking alliances to share risks. In addition, there have been no large upfront acquisitions. These strengths, however, are offset by the group's increasing diversification outside water utility activities, and by some exposure to Latin America. Low-risk Spanish water utility operations represent almost 45% of the group's EBITDA, but this share will fall, in line with the increasing contribution of other activities. Further expansion and expected organic growth in vehicle inspection, certification services, testing, homologation, and installation in Spain and abroad should increase the...
Companies mentioned in this report are: Sociedad General de Aguas de Barcelona S.A.,Iberdrola S.A.,Gas Natural SDG, S.A.,Acea SpA
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