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Acea SpA
Standard & Poors, April 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
High share of cash flow from stable and predictable regulated activities Sole electricity distribution company in the affluent Rome area Leading and growing player in the Italian water sector Low operating risk Resilient customer base Increasing exposure to higher risk nonregulated electricity generation and supply operations Significant capital expenditures Increasing debt Weak, albeit improving liquidity The ratings on Italian utility Acea SpA reflect the stable, predictable, and substantial cash flows derived from the group's expanding regulated water and electricity distribution operations, as well as its growing base of stable customers. Moreover, the group's generation and electricity sales segments have strengthened due to the near completion of its program to increase its generation capacity. These positive factors are partially offset by...
Companies mentioned in this report are: Acea SpA,Rome (City of),ATAC SpA
Action: Review
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