Research Update: Edison SpA May 03
- ID: 2045327
- May 2003
- Standard & Poors
On May 30, 2003, Standard & Poor's Ratings Services affirmed its 'BBB' long-term and A-3 short-term corporate credit ratings on Edison SpA, Italy's second-largest energy utility. The ratings were removed from CreditWatch, where they had been placed on Nov. 15, 2002. The outlook is stable. The CreditWatch resolution follows Standard & Poor's reassessment of Edison's credit quality, based on the group's new business plan, recent disposals, and confirmed shareholder support. The ratings reflect Edison's strong business position, which are underpinned by cash flow support from regulated energy supply contracts (expected to generate about 60% of total EBITDA until 2004), an adequate plant portfolio, and competition's slow progress in Italy's energy markets. These positive factors are offset, however, by the higher...
Companies mentioned in this report are: Edison SpA,Electricite de France S.A.
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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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