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AREVA Jan 09
Standard & Poors, Jan 2009
Abstract
Broad diversity across the nuclear supply chain, alongside electric transmission and distribution services Continued favorable nuclear industry growth outlook Strong contractual visibility and recurring cash flows in front- and back-end nuclear segments Strong balance sheet, despite the fall in value of AREVA's noncore financial stakes Moderate debt policy, also evidenced by recent disposals Expected long-term, majority state-ownership and strong bank support High engineering and construction-related contingent exposures linked to expected rising number of newly built nuclear reactors Modest near-term profitability and cash flow generation, affected by hefty cost overruns on the Finnish OL3 reactor and the long lead time before new capital projects come online Current low cash flow-based credit metrics for the rating Medium-term negative free cash flow given...
Companies mentioned in this report are: AREVA
Action: Review
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: Full Analysis
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