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BULLETIN: Energie Baden Wuerttemberg Ratings Unaffected by Asset Sale Announcement Aug 04
Standard & Poors, Aug 2004
Abstract
LONDON (Standard & Poor's) Aug. 2, 2004--Standard & Poor's Ratings Services said today that the ratings on Germany based utility Energie Baden Wuerttemberg AG (EnBW; A-/Stable/A-1) are unaffected by the announcement of EnBW's plans to sell its 34.58% stake in Spanish energy company Hidroel-ctrica del Cant-brico, S.A. (Hidrocant-brico). The purchaser of the stake will be Electricidade de Portugal S.A. (A/Watch Neg/A-1). Standard & Poor's regards the sale positively because it will allow EnBW to monetize and deconsolidate a minority equity stake, thereby boosting group liquidity and lowering gross debt. The sale, which is subject to certain conditions precedent, including the approval of the transaction by the EU Commission, will generate -649 million for EnBW. Furthermore, the deconsolidation of Hidrocant-brico will...
Companies mentioned in this report are: EnBW Energie Baden-Wuerttemberg AG,EDP - Energias de Portugal, 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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