- Published: May 2010
- Region: Italy
Research Update: Italian Utility Edison Downgraded To 'BBB-', Placed On Watch Negative On Weakening SACP And Shareholder Agreement Delay Dec 11
- Published: December 2011
- Region: Italy
- Standard & Poors
Increasingly tough market conditions in key midstream gas operations have weakened the profitability and credit metrics of Italy-based utility Edison SpA as well as its prospects for recovery over the medium term. Edison's current shareholders, Delmi SpA, A2A SpA, and Electricit- de France S.A. (EDF), have further extended the deadline for giving notice of termination of their shareholder agreement to Dec. 30, 2011, from Nov. 30, 2011, previously. This is the fourth time the deadline has been pushed back. We are therefore lowering our corporate credit ratings on Edison to 'BBB-/A-3' from 'BBB/A-2' following the revision of its stand-alone credit profile to 'bb+' from 'bbb-'. At the same time, we are revising the CreditWatch status on the ratings to negative...
Companies mentioned in this report are: Edison SpA
Action: On CreditWatch:Negative
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.
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