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Bulletin: Iberdrola Ratings And Outlook Unchanged On Proposed Absorption Of Minority Iberdrola Renovables Stakes Mar 11
Standard & Poors, March 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: 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 10, 2011--Standard & Poor's Ratings Services said today that the proposed merger by absorption by Spain-based utility Iberdrola S.A. (Iberdrola; A-/Negative/A-2) of all the minority stakes in 80%-held subsidiary Iberdrola Renovables S.A. (Iberdrola Renovables; not rated), will have no immediate effect on the ratings or outlook on Iberdrola or its subsidiaries. According to a company announcement dated March 8, 2011, the value of the proposed transaction could be approximately -2.5 billion. We see the transaction as only marginally credit-dilutive for Iberdrola, with an equally marginal adverse effect on its financial risk profile. We understand that a significant share of the transaction will be funded through the issue of new shares in Iberdrola, initially representing an...
Companies mentioned in this report are: Iberdrola S.A.
Action: Bulletin
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