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1999 Marks The Beginning of A Negative Trend for World Utility Ratings Feb 00
Standard & Poors, Feb 2000
Abstract
Outside of North America, 1999 was a turbulent year for foreign currency ratings of electric, gas and water utilities. Of the portfolio of 160 credits (in some cases, multiple family members are counted as one rating entity), 48 foreign currency ratings were revised. This represents rating changes to 30% of the portfolio. The trend was significantly negative, with 31 downgrades as opposed to 17 upgrades. However, the fourth quarter marked the first signs of a turnaround. During the year, the portfolio grew by 28 new ratings, of which eight are confidential. Two public ratings were added in the fourth quarter: Birka Energi AB established through the merger of Swedish utilities Gullsp-ng Kraft AB and Stockholm Energi AB (SEAB), and El...
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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