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AEM SpA
Standard & Poors, June 2003
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
Dominant position in electricity and gas in the Milan area, Significant regulated activities, Efficient plant portfolio, Availability of self-produced power, Favorable trend for electricity and gas demand in Italy, and Moderate financial profile. Expected increasing pressure on margins, owing to gradual market opening; Limited trading expertise, typical of the Italian market environment; Some exposure to hydro-generation volatility; and Exposure to telecoms business. The ratings on Italian utility AEM SpA reflect the group's strong business position as the sole electricity and gas distributor in the Milan area and its moderate financial profile. These factors are offset, however, by increasing competition in electricity generation and retail and in gas retail, as well as by the higher risk inherent in AEM's smaller-scale telecoms...
Companies mentioned in this report are: A2A SpA
Action: Review
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