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Acea SpA
Standard & Poors, July 2010
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. Resilient customer base. Moderate operating risk. Adequate liquidity. Increasing competition in the Italian energy market. Cash flow volatility arising from the group's generation and electricity sales segments. Significant capital expenditures. Increasing debt. Acquisition risk. The ratings on Italy-based utility Acea SpA reflect Standard & Poor's Ratings Services' view of the stable, predictable, and substantial proportion of cash flows generated by the group's expanding regulated water and electricity distribution operations, as well as its growing base of customers. In addition, the ratings factor our view that the increase in Acea's share of...
Companies mentioned in this report are: Acea SpA,Rome (City of),ATAC SpA
Action: Review
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