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A Case Study In Analyzing U.S. Utilities
Standard & Poors, July 2002
Abstract
Regulatory uncertainty, complex corporate structures, volatile energy prices, high debt levels, decreasing investor confidence, and the prospect of additional credit erosion are the hallmarks of today's energy market. Evaluating utilities, energy merchants, traders, and marketers has become increasingly complicated. Standard & Poor's has developed various analytical tools and rating methodologies to assess the relative strengths and weaknesses of the companies in this market. The analytical tools, guidelines, and rating methodologies have been discussed in published articles and can be found on RatingsDirect. Standard & Poor's recent review of Xcel Energy Inc provides an opportunity to demonstrate the application of various criteria to a high-profile rating action. Standard & Poor's lowered Xcel's corporate credit rating to 'BBB' from 'A-' on July...
Companies mentioned in this report are: Northern States Power Co.,Northern States Power Wisconsin,NRG Energy Inc.,Xcel Energy Inc.
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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