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French Nuclear Company AREVA 'BBB+/A-2' Ratings Affirmed On Stronger State Support; SACP Lowered To 'bb+';Outlook Stable Apr 11 Product Image

French Nuclear Company AREVA 'BBB+/A-2' Ratings Affirmed On Stronger State Support; SACP Lowered To 'bb+';Outlook Stable Apr 11

  • Published: April 2011
  • Standard & Poors

FEATURED COMPANIES

Abstract
We have changed our view of the link between French nuclear services provider AREVA and the French state to "very strong" rather than "strong," reflecting the French state's now closer oversight of AREVA, notably through the agency for state-owned enterprises (APE). We are nevertheless lowering our assessment of AREVA's stand-alone credit profile to 'bb+' from 'bbb-', given the recent lower-than-expected capital increase and higher near-term debt. The ratings incorporate three notches above the SACP for extraordinary state support, versus two previously. We are affirming our 'BBB+/A-2' corporate credit ratings on AREVA and removing the long-term rating from CreditWatch negative. The stable outlook factors in our expectation that, after a tough 2011, AREVA's EBITDA should double in 2012, on the back...

Companies mentioned in this report are: AREVA
Action: Affirmed
Action: Outlook: Stable

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AREVA

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