Research Update: Scottish and Southern Energy PLC Lowered To 'A-/A-2', Reflecting Debt Burden And Weakened Markets; Outlook Stable Aug 09
Standard & Poors, August 2009
Abstract
We expect Scottish and Southern Energy's recovery from a difficult fiscal 2009 to be impeded by weaker markets and high capital expenditures. We are lowering our ratings on the U.K.-based utility to 'A-/A-2' from 'A/A-1', and are assigning a stable outlook. The downgrade reflects our opinion that SSE's credit metrics are unlikely to be in line with our expectations for the previous ratings over the coming years. On Aug. 21, 2009, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on U.K.-based utility Scottish and Southern Energy PLC (SSE) to 'A-' from 'A'. At the same time, Standard & Poor's lowered its short-term corporate credit rating on SSE to 'A-2' from 'A-1'. The outlook is stable. The downgrade...
Companies mentioned in this report are:
- SSE PLC
- Southern Electric Power Distribution PLC
- SSE Generation Ltd.
- SSE Energy Supply Ltd.
- Scottish Hydro-Electric Transmission Ltd.
- Scottish Hydro-Electric Power Distribution Ltd.
Action: Downgraded
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- SSE PLC
- Southern Electric Power Distribution PLC
- SSE Generation Ltd.
- SSE Energy Supply Ltd.
- Scottish Hydro-Electric Transmission Ltd.
- Scottish Hydro-Electric Power Distribution Ltd.
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