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AREVA Jan 11
Standard & Poors, Jan 2011
Abstract
Leading global positions across the nuclear power chain. Impressive long-term order backlog and various world-class mining and enrichment projects under construction. Expected long-term majority ownership by the state. Depressed profitability and sizable negative free cash flow generation in 2010 and, to a lesser extent, 2011. Current very weak credit metrics, to improve materially only by 2012. High engineering and construction-related contingent exposures related to OL3 and future nuclear new-builds. The ratings on French nuclear services provider AREVA, 87%-owned by the Republic of France (AAA/Stable/A-1+), reflect in the first place the group's stand-alone credit profile (SACP), which Standard & Poor's Ratings Services assesses at 'bbb-'. In addition, we factor in a two-notch uplift for likely extraordinary state support. As per our...
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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