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Acea SpA
Standard & Poors, Nov 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
Status as the sole electricity distribution company in the wealthy Rome area, and the leading player in the Italian water sector; Low operating risk; and Resilient customer base. Relatively weak financial profile for the current ratings; Significant capital-expenditure program; and Growing exposure to higher-risk electricity generation and supply operations. The ratings on Italian utility Acea SpA reflect the stable, predictable, and substantial cash flow derived from the group's regulated water and electricity distribution operations; the moderate progress of competition in the Italian power market; and the group's stable customer base. These factors are partially offset by a fairly weak financial profile for the current ratings, a significant capital-expenditure program, and the likely future credit risks from increasing competitive pressure in...
Companies mentioned in this report are: Acea SpA,Rome (City of)
Action: Review
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