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AEM SpA
Standard & Poors, Aug 2004
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, which enhance revenue predictability; Efficient plant portfolio; Favorable trend for electricity and gas demand in Italy; and Moderate financial profile. Expected increasing pressure on margins, owing to gradual market opening; Emergence of trading risks in the medium term; Modest exposure to hydrogeneration volatility; and Some indirect exposure to telecoms risk through network rental to telecoms companies. 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 expected increasing competition in the Italian energy markets over the medium term, slight volatility in weather-sensitive...
Companies mentioned in this report are: A2A SpA,Edison SpA,Milan (City of),Acea SpA,Enel SpA,ASM Brescia SpA
Action: Review
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