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AEM SpA
Standard & Poors, Nov 2006
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 Efficient plant portfolio Modest regulated activities, that enhance revenue predictability Future competitive benefits of ownership interest in Edison SpA Aggressive financial profile Focus on power generation and supply in the increasingly competitive Italian market Risk of credit-dilutive transactions The ratings on Italian local utility AEM SpA reflect the group's strong local franchise, good-quality operations, and stable cash flow contribution from regulated low-risk electricity and gas distribution activities. These factors are offset by AEM's leverage, exposure to increasingly competitive energy operations in the Italian market, and risk appetite. Serving Greater Milan, AEM is among Italy's largest local utilities, focusing on electricity generation, distribution, and supply, and gas distribution and supply. AEM...
Companies mentioned in this report are: A2A SpA
Action: Review
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