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AEM SpA
Standard & Poors, Dec 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
Dominant position in electricity and gas in the Milan area Portfolio of efficient plants Modest regulated activities, which enhance revenue predictability Future competitive benefits of ownership interest in Edison and merger with ASM Brescia Aggressive financial profile Focus on power generation and supply in the increasingly competitive Italian market The long-term rating on Italian utility AEM SpA remains on CreditWatch with positive implications following the company's announcement that its shareholders have approved its merger with neighboring utility ASM Brescia SpA (A+/Watch Neg/A-1) and with the city of Milan's municipal waste business AMSA SpA. The new group will be called A2A. The rating was placed on CreditWatch on June 5, 2007, following the announcement of the merger, with AEM absorbing ASM...
Companies mentioned in this report are: A2A SpA,Milan (City of),ASM Brescia SpA
Action: Review
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