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AEM SpA
Standard & Poors, Sep 2005
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; Increasing protection of competitive position through forthcoming participation in the Edison SpA takeover; Efficient plant portfolio; and Strong electricity and gas demand growth in Italy. Expected material deterioration of financial profile following the Edison acquisition; Increasing pressure on margins, owing to higher competition in Italian energy markets; 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 local franchise, the significant and stable cash flow contribution from regulated low-risk electricity and gas distribution activities (46% of 2004 gross operating income), and overall good quality...
Companies mentioned in this report are: A2A SpA,Edison SpA,Milan (City of),Energie Steiermark AG,EWE AG,ASM Brescia SpA
Action: Review
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