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'BBB/A-3' Ratings Affirmed on Italian Energy Utility Edison SpA; Off Watch; Outlook Stable May 03
Standard & Poors, May 2003
Abstract
MILAN (Standard & Poor's) May 30, 2003--Standard & Poor's Ratings Services said today that it has 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...
Companies mentioned in this report are: Edison SpA,Electricite de France S.A.
Action: Affirmed, Off 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.
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