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Summary: Vattenfall AB Jul 09
Standard & Poors, July 2009
The ratings on Sweden-based utility Vattenfall AB reflect its strong, vertically integrated position in the north European electricity market, its large and diverse operations, its competitive generation portfolio, and relatively stable cash flow from monopoly-like electricity distribution and heating operations. Negative rating factors include Vattenfall's exposure to competition and price volatility in power generation, risks related to nuclear and coal generation, and a significant capital expenditure program over the medium term. The 'A' long-term rating is based on the company's stand-alone credit profile, which we assess at 'A-', as well as on our opinion that there is a "moderate" likelihood that the Swedish government (AAA/Stable/A-1+) will provide timely and sufficient extraordinary support in the event of financial distress. In accordance...
Companies mentioned in this report are: Vattenfall AB
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