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Acea SpA
Standard & Poors, Nov 2001
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
Abstract
(Editor's note: The data in the tables published in this article on Nov. 12, 2001, was misstated. A corrected version of the article follows.) The ratings on the Italian utility, Acea S.p.A, reflect the stable and largely predictable cash flow derived from the group's regulated water, wastewater, and electricity distribution operations and its strong financial profile. Offsetting these factors are the higher credit risks facing the group in an increasingly competitive electricity market and the growing exposure of Acea's cash flow to nonregulated industries. Despite some uncertainty regarding ongoing regulatory conditions due to the continued development of the regulatory framework, regulatory risk is not considered high for Acea. The majority of Acea's water distribution and all of its electricity distribution...
Companies mentioned in this report are: Acea SpA,Rome (City of)
Action: Review
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