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AREVA Affirmed At 'A-1'; Rated 'A' On Balance Sheet Strengthening, Increased Notches For State Support; Outlook Stable Jul 09
Standard & Poors, July 2009
Abstract
French nuclear services provider AREVA's credit profile has deteriorated due to the major negative cash impact from the troubled Finnish OL3 EPR project, and following Siemens' decision to exercise its put option on its 34% stake in subsidiary AREVA NP. Still, AREVA's balance sheet should strengthen considerably over the next 12 months, following the company's announced plan to make several billion euros in asset disposals and to raise new capital by allowing industrial and strategic partners to buy stakes of up to 15% in the company. We are affirming the 'A-1' short-term corporate credit rating on AREVA and assigning an 'A' long-term corporate credit rating, with a stable outlook. The stable outlook balances AREVA's challenging 2009-2010 operational prospects--including continued high...
Companies mentioned in this report are: AREVA
Action: Affirmed
Action: Removed From CreditWatch
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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