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1998 Utility Year-End Review and Highlights: $70 Billion of New Issuance Rated Feb 99
Standard & Poors, Feb 1999
Abstract
Standard & Poor's U.S. corporate utility group rated nearly $70 billion of new debt and preferred stock issuance in 1998, including more than $4 billion in the form of securitized rate reduction bonds and an additional $30 billion of SEC Rule 415 shelf registrations. Although a sizable portion of this issuance was used to refinance existing securities because of favorable interest rates, most of it can be attributed to the continued evolution of the electric and gas utility industries. That is, utilities financed a mix of asset acquisitions, asset development, and mergers in the U.S. and abroad. This activity contributed to the nearly 15% increase in new issuance in 1998 compared with 1997's $61 billion. The electric industry particularly had...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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