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Summary: AREVA Sep 09
Standard & Poors, September 2009
The ratings on French nuclear services provider AREVA, 91% owned by the Republic of France (AAA/Stable/A-1+), reflect the company's stand-alone credit profile (SACP), which Standard & Poor's Ratings Services assesses at 'BBB+'. In addition, the ratings include a two-notch uplift from the SACP, reflecting our opinion that there is a "moderately high" likelihood that the French state would provide timely and sufficient extraordinary support to AREVA in the event of financial distress. Because of AREVA's state ownership, we consider it as a government-related entity (GRE) under our criteria. Accordingly, our view of a "moderately high" likelihood of extraordinary government support is based on our assessment of AREVA's "important" role as France's leading nuclear services provider and "strong" link with the...
Companies mentioned in this report are: AREVA
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.