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Italian Electricity Transmission Operator Terna 'A-/A-2' Ratings Affirmed; L-T Rating Off Watch Neg; Outlook Negative Mar 12
Standard & Poors, March 2012
We have reviewed the stand-alone credit profile (SACP) of Italy's electricity transmission operator Terna SpA following our downgrade of the Republic of Italy in January this year. The SACP remains unchanged at 'a-', reflecting our assessment of Terna's business risk profile as "excellent" and its financial risk profile as "significant." We are therefore affirming our long- and short-term corporate credit ratings on Terna at 'A-/A-2', and removing the long-term rating from CreditWatch negative. The negative outlook on Terna reflects that on the Republic of Italy. Under our criteria, the long-term rating on Italy constrains that on Terna, based on our view that Terna has "high" risk exposure to Italy. MILAN (Standard & Poor's) March 8, 2012--Standard & Poor's Ratings Services...
Companies mentioned in this report are: Terna SpA
Action: Outlook: Negative
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
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