Risk-to-Price Commentary: Centrica PLC Jul 11

Standard & Poors, July 2011

Abstract
As economic uncertainties in Europe continue alarm investors, European policymakers are attempting to contain inflation and stabilize the debt situation in a combined effort as well as within their own countries. European Central Bank President (ECB) Jean-Claude Trichet said that it is up to the nations to plug budget gaps as policymakers fight price gains, while the ECB has raised interest rates for a second time this year after increasing the benchmark by 25 basis points (bps) to 1.5% on July 7, as economists expected. One of the major credit ratings agencies cut Portugal's rating to junk on July 5 on concern the country will need to follow Greece in seeking more aid. The Valuation and Risk Strategies (VRS) research...

Companies mentioned in this report are:
- GDF SUEZ S.A.
- EDF Energy PLC
- SSE PLC
- Iberdrola International B.V.
- International Endesa B.V.
- E.ON International Finance B.V.
- United Utilities Water PLC
- Centrica PLC
- EDP Finance B.V.
- Enel SpA
- Severn Trent Utilities Finance PLC
- RWE Finance B.V.
- National Grid PLC
- Enagas S.A.
- Red Electrica de Espana Finance B.V.
- Elia System Operator S.A./N.V.
- Terna SpA
- Iberdrola Finanzas S.A.U.
- Gas Natural Capital Markets S.A.

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- GDF SUEZ S.A.
- EDF Energy PLC
- SSE PLC
- Iberdrola International B.V.
- International Endesa B.V.
- E.ON International Finance B.V.
- United Utilities Water PLC
- Centrica PLC
- EDP Finance B.V.
- Enel SpA
- Severn Trent Utilities Finance PLC
- RWE Finance B.V.
- National Grid PLC
- Enagas S.A.
- Red Electrica de Espana Finance B.V.
- Elia System Operator S.A./N.V.
- Terna SpA
- Iberdrola Finanzas S.A.U.
- Gas Natural Capital Markets S.A.

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