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ASM Brescia SpA
Standard & Poors, May 2007
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
Strong local competitive position as the sole provider of electricity, gas, district heating, water, and waste management in the Italian city of Brescia Significant involvement in low-risk monopoly-type activities Favorable trend for electricity and gas demand in Italy Growing pressure on margins in electricity and gas, owing to increasing competition and exposure to industrial customers Significant capital-expenditure program, resulting in negative free cash flow generation until 2008 Risk of credit-dilutive M&A transactions spurred by sector consolidation The ratings are based on ASM Brescia SpA's strong competitive position as the sole provider of various utility services in the northern Italian city of Brescia, its significant involvement in regulated operations, and the favorable growth prospects for electricity and gas in Italy. These...
Companies mentioned in this report are: ASM Brescia SpA,A2A SpA
Action: Review
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