The Spanish Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
- Published: November 2011
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: Full Analysis
Monopoly position Strategic and economic importance to the Spanish government Moderate financial policy Low-risk, regulated gas transmission activities Sizable, partially debt-funded capital-expenditure program Substantial negative free cash flow generation for the next six years Exposure to interest rate risk The ratings on Enagas S.A., the owner and operator of Spain's gas transmission grid and other gas infrastructure assets in the country, reflect the inherent 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 strong, but will weaken gradually over the next five years owing to the partial debt funding of its planned -4.5 billion...
Companies mentioned in this report are: Enagas S.A.
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