Vattenfall Long-Term Ratings Still on Watch Neg After News of Increased Stake in Bewag Dec 01
- ID: 2027310
- December 2001
- Standard & Poors
STOCKHOLM (Standard & Poor's) Dec. 3, 2001--Standard & Poor's said today that all long-term ratings--including the single-'A'-minus corporate credit rating--on Swedish utility Vattenfall AB and related entities remain on CreditWatch with negative implications. The CreditWatch update follows today's announcement that Vattenfall is to acquire U.S. Mirant Corp.'s (BBB-/Stable/A-3) 45% stake in German utility Bewag (not rated). The 'A-2' short-term ratings on all Vattenfall entities remain unchanged. Ratings on Vattenfall were placed on CreditWatch on Sept. 28, 2001, following the breakdown of the planned all-share transaction between Vattenfall and Mirant to merge Bewag and Vattenfall's German subsidiaries into a new electric utility constellation, the Neue Kraft group. Vattenfall has since continued the formation of Neue Kraft by integrating its subsidiaries, including...
Companies mentioned in this report are:
- Vattenfall AB
- GenOn Energy Holdings Inc.
Action: CreditWatch Update
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article. SHOW LESS READ MORE >