Italian Electricity Transmission Operator Terna 'A-/A-2' Ratings Affirmed; L-T Rating Off Watch Neg; Outlook Negative Mar 12

Standard & Poors, March 2012

Abstract
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: Affirmed
Action: Outlook: Negative
Action: Removed From CreditWatch

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Research type: News
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Terna SpA

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