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A2A SpA
Standard & Poors, March 2009
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
Diversified and vertically integrated business portfolio Stable cash flows from low-risk regulated and quasi-regulated activities, which generate about 50% of EBITDA Good-quality operations Strong local franchise in an affluent market in northern Italy Integration challenges and a complex shareholder structure that may result in board-level conflicts Increasing involvement in the competitive electricity generation and supply business A modest financial profile and large, front-loaded capital-expenditure program The ratings on Italian multi-utility A2A SpA reflect the group's diversified portfolio of vertically integrated operations. The ratings are supported by stable and predictable cash flows from low-risk regulated and quasi-regulated activities (electricity and gas distribution, central heating, and waste management), which generate about 50% of EBITDA. The ratings also take into account A2A's strong...
Companies mentioned in this report are: A2A SpA,Milan (City of)
Action: Review
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