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BULLETIN: Italian Utility AEM SpA's Bond Conversion Into E.Biscom Shares Has No Rating Impact
Standard & Poors, Dec 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: 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
MILAN (Standard & Poor's) Dec. 22, 2003--Standard & Poor's Rating Services said today that its ratings and outlook on Italy-based electricity utility AEM SpA (A/Stable/A-1) are unaffected by the company's decision to convert a -240 million convertible bond into shares in Italian video-communications service provider E.Biscom SpA. The transaction's impact will be neutral on AEM's financial profile, as there will be no cash outflows. From a business perspective, Standard & Poor's believes that AEM's action has been spurred by favorable equity-market momentum and by AEM's interest in replacing a private bond with listed shares, thus enhancing the liquidity of its investment. Standard & Poor's does not believe that AEM has revised its strategy in telecoms, which is a noncore business,...
Companies mentioned in this report are: A2A SpA
Action: S&P Event
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