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AREVA Sep 09
Standard & Poors, Sep 2009
Abstract
Leading global positions across the nuclear chain, from the front end (uranium mining, enrichment, and fuel fabrication) to the design and construction of nuclear reactors, as well as the back end (recycling of spent nuclear fuel) Impressive long-term order backlog and significant improvement in cash flow likely by 2012 due to massive investment projects Major deleveraging with minimal net financial debt expected by first-half 2010 as a result of sizable disposals and a capital increase Expected long-term, majority state ownership Depressed near-term profitability and cash flow generation, affected by OL3 Sizable medium-term negative free cash flow and long lead times for capital projects High engineering and construction-related contingent exposures related to OL3 and expected rising number of newly built nuclear...
Companies mentioned in this report are: AREVA,Electricite de France S.A.
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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