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Industry Report Card: European Regulated Utilities Remain In Good Shape Despite Extensive Investment Programs Nov 10 Product Image

Industry Report Card: European Regulated Utilities Remain In Good Shape Despite Extensive Investment Programs Nov 10

  • Published: November 2010
  • Standard & Poors

FEATURED COMPANIES

  • Acquedotto Pugliese SpA
  • Enagas S.A.
  • Fingrid Oyj
  • MSUE Mosvodokanal
  • Rand Water
  • Statnett SF
  • MORE

Abstract
The outlook for Europe's regulated utilities is broadly stable, in Standard & Poor's Ratings Services' view, reflecting a sector characterized by excellent business risk profiles. We believe the companies that we rate in the sector benefit from monopoly-like operations as providers of services that are both essential and of strategic national importance. However, we think there remains a need for significant capital expenditure across much of the sector, and any debt-financed investments are likely to weaken debt-protection measures in the future. The European universe of regulated utilities consists of water companies, transmission system operators (TSOs), and distribution network operators (DNOs)--the latter two of which we refer to collectively as T&Ds. We currently include 37 rated entities in this sector. We...

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, READ MORE >

- Western Power Distribution (South West) PLC
- Electricity North West Ltd.
- Northumbrian Water Ltd.
- Statnett SF
- Rand Water
- Fingrid Oyj
- Kazakhstan Electricity Grid Operating Co. (JSC)
- Wessex Water Ltd.
- Alliander N.V.
- Severn Trent Water Ltd.
- Red Electrica Corporacion S.A.
- Sutton and East Surrey Water PLC
- KazTransOil
- Northern Powergrid (Northeast) Ltd.
- South Staffordshire Water PLC
- Enagas S.A.
- KazTransGas
- Elia System Operator S.A./N.V.
- Acquedotto Pugliese SpA
- Federal Grid Co. of the Unified Energy System
- Affinity Water Ltd.
- Terna SpA
- Northern Gas Networks Holdings Ltd.
- Scotland Gas Networks PLC
- N.V. Nederlandse Gasunie
- Energinet.dk SOV
- RTE Reseau de Transport d Electricite
- Vodokanal St. Petersburg
- S.N.T.G.N. Transgaz S.A. Medias
- REN-Redes Energeticas Nacionais SGPS S.A.
- Interregional Distributive Grid Co. of Center JSC
- MSUE Mosvodokanal
- Enexis Holding N.V.
- TenneT Holding B.V.

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