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Bulletin: Spanish Utility Agbar Ratings Unchanged On News Of Suez/la Caixa Offer For Remaining Shares Apr 07
Standard & Poors, April 2007
Abstract
MADRID (Standard & Poor's) April 10, 2007--Standard & Poor's Ratings Services said today that its ratings and outlook on Spanish utility Sociedad General de Aguas de Barcelona S.A. (Agbar; A/Stable/A-1) are unchanged following the announcement today by Agbar's major shareholders, Suez S.A. (A-/Watch Pos/A-2) and Caja de Ahorros y Pensiones de Barcelona (la Caixa; AA-/Stable/A-1+), of their offer to acquire the share capital they do not already own in Agbar. Currently, Suez and la Caixa are joint controlling shareholders, with an indirect stake of 49.7%. The offer is for -27 per share in cash, and the intention is to maintain a free float of 30%-33% of the capital. We do not expect any changes to Agbar's business or financial profile...
Companies mentioned in this report are: Sociedad General de Aguas de Barcelona S.A.,Caja de Ahorros y Pensiones de Barcelona,Suez S.A.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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