E.ON AG 'AA-/A-1+' Ratings Remain On CreditWatch Negative On Increased Bid For Endesa

Standard & Poors, March 2007

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) March 28, 2007--Standard & Poor's Ratings Services said today its 'AA-/A-1+' corporate credit ratings on Germany-based energy utility E.ON AG remain on CreditWatch with negative implications. This follows the company's announcement, on March 26, 2007, of an increase in its offer to -42.3 billion (equity cost) for Spain-based utility Endesa S.A. (A/Watch Neg/A-1). The ratings were placed on CreditWatch on Feb. 21, 2006, following E.ON's announcement of a conditional, all-cash offer for up to 100% of Endesa. E.ON had been competing with Spanish utility Gas Natural SDG, S.A. (A+/Negative/A-1) until Gas Natural withdrew its bid on February 1, 2007, leaving E.ON as the then only contender. Recent developments include Italian utility Enel SpA's (A+/Negative/A-1) accumulation of...

Companies mentioned in this report are: E.ON AG,Endesa S.A.
Action: CreditWatch Update

E.ON AG,Endesa S.A.

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