Rating Actions Taken On Several Eurozone Corporate And Infrastructure Entities Following Eurozone Sovereign Actions Jan 12

Standard & Poors, January 2012

Abstract
STOCKHOLM (Standard & Poor's) Jan. 17, 2012--Standard & Poor's Ratings Services said today that it had revised its ratings and/or outlooks on 13 corporate and infrastructure government-related entities (GREs) based in the Economic and Monetary Union (EMU or eurozone). In addition, the outlook on Northern Ireland Electricity Ltd. (NIE; BBB+/Negative/A-2), a wholly owned subsidiary of Ireland-based Electricity Supply Board (ESB; BBB+/Negative/A-2), was revised to negative. All 14 issuers were removed from CreditWatch, where they were placed with negative implications on Dec. 8, 2011. See the Ratings List below for the affected issuers and the related rating and/or outlook revisions. The rating actions follow various rating actions on 16 of the 17 eurozone sovereigns (see "Standard & Poor's Takes Various Rating...

Companies mentioned in this report are: Acea SpA,Electricite de France S.A.,Societe Nationale des Chemins de Fer Francais,EBN B.V.,Aeroports de Paris,NS Groep N.V.,Fingrid Oyj,Deutsche Bahn AG,Dublin Airport Authority PLC,Bord Gais Eireann,GasTerra B.V.,N.V. Nederlandse Gasunie,RTE Reseau de transport d electricite,Northern Ireland Electricity Ltd.,Electricity Supply Board
Action: Affirmed
Action: Downgraded
Action: Removed From CreditWatch

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.

Acea SpA,Electricite de France S.A.,Societe Nationale des Chemins de Fer Francais,EBN B.V.,Aeroports de Paris,NS Groep N.V.,Fingrid Oyj,Deutsche Bahn AG,Dublin Airport Authority PLC,Bord Gais Eireann,GasTerra B.V.,N.V. Nederlandse Gasunie,RTE Reseau de transport d electricite,Northern Ireland Electricity Ltd.,Electricity Supply Board

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