The Swedish Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
- Published: October 2011
- Region: Sweden
The ratings on Swedish-based power utility Vattenfall AB reflect its strong position in the northern European electricity market, large and diverse operations, and competitive generation portfolio. In addition, Vattenfall generates relatively stable cash flow from electricity distribution and heating operations. These strengths are balanced by Vattenfall's exposure to competition and price volatility in power generation, risks related to nuclear and coal-fired generation, and a weakened financial profile, in Standard & Poor's Ratings Services' view, following the acquisition of 49% of Dutch generation and supply company N.V. Nuon Energy (Nuon; not rated). In addition, we consider Vattenfall's medium-term capital-expenditure program, which will be partly debt funded, to be aggressive. The 'A' long-term rating is based on Vattenfall's stand-alone credit profile, which...
Companies mentioned in this report are: Vattenfall AB
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