Ameren Corp. Dec 11
Standard & Poors, December 2011
Abstract
A mostly regulated electric and gas company Decreasing regulatory risk in Illinois Improved financial measures Higher-risk operations and less dependable cash flows from the company's merchant generation business Recovery of environmental capital spending at the merchant generation business is uncertain Standard & Poor's Ratings Services' ratings on Ameren Corp. reflect its consolidated credit profile. The ratings also reflect Ameren's strong business risk profile and significant financial risk profile. Ameren's subsidiaries include rate-regulated utilities Ameren Illinois Co. and Ameren Missouri, and merchant energy company AmerenEnergy Generating Co. (GenCo). Based on the combination of future earnings, cash flow, capital expenditures, and credit risk exposure, we view Ameren as about 80% regulated and 20% merchant generation. The consolidated strong business risk profile reflects...
Companies mentioned in this report are:
- Ameren Corp.
- Ameren Illinois Co.
- AmerenEnergy Generating Co.
Action: Review
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: Full Analysis
- Ameren Corp.
- Ameren Illinois Co.
- AmerenEnergy Generating Co.
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