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A2A SpA
Standard & Poors, Aug 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
Diversified and vertically integrated business portfolio. Stable cash flow from low-risk regulated and quasi-regulated activities that generate about 50% of EBITDA. Good quality operations. Strong local franchise in an affluent market in northern Italy. Integration challenges and complex shareholder structure. Potential cash flow volatility arising from the group's increasing involvement in riskier and more competitive activities. Apparent willingness to undertake M&A activity that could ultimately impair the group's financial and business risk profiles. The ratings on Italy-based multi-utility A2A reflect Standard & Poor's Ratings Services' view of the group's current deleveraging program and a less aggressive growth strategy than previously assumed, which, in our view, could support a gradual strengthening of A2A's credit profile from its current weak level for...
Companies mentioned in this report are: A2A SpA
Action: Review
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