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C.A. La Electricidad De Caracas May 08
Standard & Poors, May 2008
Abstract
De facto monopoly in its service area; Implicit support from the Venezuelan government and the state-owned oil company; The highest efficiency among electric utilities in Venezuela; and Integration and synergy among distribution, generation, and commercialization. Operation in Venezuela, a country with volatile regulations; Uncertain impact of the establishment, in 2010, of a state-owned enterprise to operate the country's electric sector; No tariff increase since 2003; and Foreign-exchange risk, with revenues in Venezuelan bol-vares and financial obligations in U.S. dollars. The rating on C.A. La Electricidad De Caracas (EDC) is aligned with that on owner Petr-leos de Venezuela S.A. (PDVSA; BB-/Stable/--). The ratings also consider the uncertain impact on EDC's finances and operations when the Venezuelan government establishes, in two years,...
Companies mentioned in this report are: C.A. La Electricidad De Caracas ,Indianapolis Power & Light Co.,IPALCO Enterprises Inc.,Petroleos de Venezuela S.A.,AES Corp. (The),AES Gener S.A.,AES China Generating Co. Ltd.,AES Sul Distribuidora Gaucha de Energia S.A.,AES CHIVOR & CIA S.C.A. E.S.P.
Action: Review
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
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