Summary: Hera SpA Sep 11

Standard & Poors, September 2011

Abstract
The ratings on Italy-based multi-utility Hera SpA reflect Standard & Poor's Ratings Services' view of the group's strong business profile. It is underpinned by a well-balanced utility portfolio, in which low-risk, monopoly-regulated operations contribute about 50% of the group's EBITDA. The ratings are also supported by our view of Hera's ability to generate positive free cash flow (FCF) over the medium term and to improve geographical diversification, its dominant local position in waste and water management, as well as its leading position as a gas supplier in Italy. These rating supports are partially offset by Hera's significant financial risk profile, exposure to tightening fiscal measures as part of the national deficit reduction strategy over the next three years, and the...

Companies mentioned in this report are: Hera SpA
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Hera SpA

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