Obbligazioni societarie Monitor bond Utilities Europa I (gennaio - luglio 2009) (1 Viewer)
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Imark
Forumer storico
La variazione delle metodologie di valutazione del supporto statale ad emittenti a quota di controllo pubblica ai fini del rating si traduce in variazioni di rating che investono società operanti in più comparti, fra i quali telecom e utilities.
Posto qui di seguito gli esiti della variazione metodologica in termini di rating action, con relativo commento. Atttendiamo poi i commenti specifici di S&P a motivazione dell'azione intrapresa nei confronti di ciascuno degli emittenti.
Enhanced Methodology For Rating Government-Related Entities Affects 18 Utility And Corporate Issuers In EMEA
We are upgrading five issuers (three telecommunications operators and two utilities), downgrading two utilities, and revising the outlook on two utilities to stable from negative. We also are placing 10 issuers on CreditWatch: two utilities with positive implications and eight issuers with negative implications.
The eight companies placed on CreditWatch with negative implications comprise four utilities, a rail company, a gas marketer, a liquefied natural gas shipping company, and an energy holding company. One of the utilities placed on CreditWatch with negative implications is also one of those being downgraded. The geographic spread of the entities is wide.
Seven are domiciled in the EU, four in Norway, one in Switzerland, one in South Africa, one in Iceland, two in Russia, and two in the Middle East.
Standard & Poor's updated criteria are detailed in the article titled "Enhanced Methodology And Assumptions For Rating Government-Related Entities," published June 29, 2009, on RatingsDirect. The changes to our criteria are
designed to achieve a more granular analysis of the range of GREs across sectors and regions. We believe these changes will provide more transparency in our rating approach.
We aim to resolve the CreditWatch placements over the next three months after further discussion with the relevant management and government officials.
An updated summary analysis on each of the affected entities, which will detail the reasons behind the rating action, will be published shortly. We intend to complete our review of all issuers affected by this updated criteria within the next three to six months.
RELATED RESEARCH
Posto qui di seguito gli esiti della variazione metodologica in termini di rating action, con relativo commento. Atttendiamo poi i commenti specifici di S&P a motivazione dell'azione intrapresa nei confronti di ciascuno degli emittenti.
Enhanced Methodology For Rating Government-Related Entities Affects 18 Utility And Corporate Issuers In EMEA
- Standard & Poor's revised its methodology for rating government-related entities on June 29, 2009.
- As a result in Europe, the Middle East, and Africa, we are upgrading five utility and telecommunications issuers, downgrading two utilities, and revising the outlook on two utilities.
- We also are placing 10 issuers on CreditWatch: two utilities with positive implications and eight utility and corporate entities with negative implications.
We are upgrading five issuers (three telecommunications operators and two utilities), downgrading two utilities, and revising the outlook on two utilities to stable from negative. We also are placing 10 issuers on CreditWatch: two utilities with positive implications and eight issuers with negative implications.
The eight companies placed on CreditWatch with negative implications comprise four utilities, a rail company, a gas marketer, a liquefied natural gas shipping company, and an energy holding company. One of the utilities placed on CreditWatch with negative implications is also one of those being downgraded. The geographic spread of the entities is wide.
Seven are domiciled in the EU, four in Norway, one in Switzerland, one in South Africa, one in Iceland, two in Russia, and two in the Middle East.
Standard & Poor's updated criteria are detailed in the article titled "Enhanced Methodology And Assumptions For Rating Government-Related Entities," published June 29, 2009, on RatingsDirect. The changes to our criteria are
designed to achieve a more granular analysis of the range of GREs across sectors and regions. We believe these changes will provide more transparency in our rating approach.
We aim to resolve the CreditWatch placements over the next three months after further discussion with the relevant management and government officials.
An updated summary analysis on each of the affected entities, which will detail the reasons behind the rating action, will be published shortly. We intend to complete our review of all issuers affected by this updated criteria within the next three to six months.
RELATED RESEARCH
- "Enhanced Methodology And Assumptions For Rating Government-Related Entities," June 29, 2009.
- "Principles Of Corporate And Government Ratings," June 26, 2007.
- "Corporate Ratings Criteria 2008," April 15, 2008
Allegati
Imark
Forumer storico
Con il bond collocato al retail, EDF ha raccolto 3,2 mld euro. Avevamo visto che già prima della crisi la società aveva un indebitamento piuttosto elevato ed un capex alto anch'esso...
EDF raises 3.2 bln euros with public bond issue: CEO
09/07/2009
PARIS (AFP) — French energy giant Electricite de France (EDF) has raised around 3.2 billion euros (4.4 billion dollars) via a bond-issue aimed at private individuals, its chief executive says in an interview to be published Thursday.
Pierre Gadonneix told the Tribune newspaper that the figure could yet rise as the company receives the final applications from would-be investors.
He also said that EDG was confident it will gain US regulatory approval to complete its purchase of a near 50-percent stake in Constellation Energy Group's nuclear business by the autumn.
Gadonneix said he had recently indications from Maryland state and federal authorities that they were ready to greenlight the investment.
Constellation Energy Group accepted a 4.5-billion-dollar offer from EDF for a 49.99 percent stake in its nuclear power business in December last year.
Constellation backed out of a deal with renowned US investment manager Warren Buffett, whose energy group MidAmerican Energy Holdings Company had offered 4.7 billion dollars for the whole company.
EDF raises 3.2 bln euros with public bond issue: CEO
09/07/2009
PARIS (AFP) — French energy giant Electricite de France (EDF) has raised around 3.2 billion euros (4.4 billion dollars) via a bond-issue aimed at private individuals, its chief executive says in an interview to be published Thursday.
Pierre Gadonneix told the Tribune newspaper that the figure could yet rise as the company receives the final applications from would-be investors.
He also said that EDG was confident it will gain US regulatory approval to complete its purchase of a near 50-percent stake in Constellation Energy Group's nuclear business by the autumn.
Gadonneix said he had recently indications from Maryland state and federal authorities that they were ready to greenlight the investment.
Constellation Energy Group accepted a 4.5-billion-dollar offer from EDF for a 49.99 percent stake in its nuclear power business in December last year.
Constellation backed out of a deal with renowned US investment manager Warren Buffett, whose energy group MidAmerican Energy Holdings Company had offered 4.7 billion dollars for the whole company.
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