The adjustments Standard & Poor's Ratings Services makes to companies' figures in order to calculate credit ratios remain significant, in particular for the four major French utilities. In " The Devil Is In The Detail: S&P's Adjustments To Electricité de France S.A. And Veolia Environnement S.A.," we outline the adjustments we make to the figures published by those two companies. In this article the focus is on Gaz de France S.A. (GDF; AA-/Watch Neg/A-1+) and Suez S.A. (A-/Watch Pos/A-2). The adjustments to GDF's figures are limited, whereas those to Suez's are more substantial. Both articles are based on the companies' more comprehensive 2005 annual accounts, rather than on their more recently published first-half 2006 accounts. Following its exercise of a...
Companies mentioned in this report are:
- Electricite de France S.A.
- ENGIE SA
- Suez S.A.
- Veolia Environnement S.A.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues. SHOW LESS READ MORE >