|
|
 |
|
Viewing report
|
|
|
|
Industry Report Card: Electric Utilities In The Americas Remain Stable, While Merger Activity In European And Debt Refinancing In Australian-New Zealand Sectors Pressure Credit Quality Jul 09
Standard & Poors, July 2009
Abstract
The global electric utility sector's credit quality has been somewhat mixed since early 2009, though it faces familiar themes and challenges that continue to dominate the credit picture. Across the globe, utilities have not been immune to the economic downturn, slacking demand, and difficult market conditions which compound the more traditional exposures to regulatory risks and heavy construction programs. Many utilities are responding to recessionary pressures by reducing discretionary construction expenditures and postponing certain projects, increasing cost containment efforts, and proactively prefinancing upcoming maturities. With regard to the inevitable costs for new energy policy initiatives, regulators' willingness to continue to allow timely recovery of mandated costs of carbon emissions restrictions and other environmental mandates will be critical to maintaining utility...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
|
|
|
|
