Anche perché a furia di fare shopping, poi finisce che le agenzie di rating si accorgono che il tuo debito cresce... e che si può assistere al deterioramento di taluni parametri finanziari per i quli la conservazione di determinati livelli coincide con una più elevata garanzia per i creditori.
EDF è stata fra i protagonisti recenti di ben due acquisizioni: British Energy, che gestisce le centrali nucleari britanniche, ed il 49,9% degli asset nel settore dell'energia nucleare dell'americana Constellation Energy Group.
In virtù del supporto garantito dallo Stato francese nel settore strategico dell'energia nucleare e di una legislazione nazionale che impedisce alla proprietà pubblica di scendere sotto il 70% dell'azionariato, il rating è di un livello più elevato di quanto sarebbe altrimenti (A+ anziché A).
Restano invariati i rating della controllata britannica EDF Energy PLC e della rete (che pure ha delle interessanti emissioni obbligazionarie, ad oggi fuori monitor) RTE EDF Transport.
EDF Energy PLC vede il supporto parentale implicato dalla proprietà da parte di EDF valutato due notches, nonostante il downgrade della capogruppo in quanto, con l'acquisto di British Energy, il mercato UK assume ancora maggior peso nelle strategie della capogruppo.
La società di gestione della rete conserva un notch in più rispetto alla capogruppo in virtù di un'autonomia societaria garantita per legge e di accordi sulla corporate governance che garantiscono indipendenza gestionale.
EDF S.A. Downgraded To 'A+'; Ratings On Subsidiaries Affirmed; British Energy Raised To 'BBB-'
PARIS (Standard & Poor's) Jan. 9, 2009--Standard & Poor's Ratings Services said today that it has lowered to 'A+/A-1' from 'AA-/A-1+' its long- and short-term corporate credit ratings on French power incumbent Electricité de France S.A. (EDF) to reflect the weakening in the group's financial profile entailed by its recently completed about £12.5 billion acquisition of U.K.-based nuclear generator British Energy Group PLC (BE, BBB-/Stable/--) and its likely acquisition for $4.5 billion of 49.9% of the nuclear assets of U.S. utility Constellation Energy Group Inc. (BBB/Watch Neg/A-2).
EDF's ratings continue to incorporate one notch for extraordinary government support, given the group's primary focus on nuclear power generation and the ensuing significant operational risks and decommissioning liabilities, as well as ownership by the French state, which by law cannot fall below 70%.
All ratings have been removed from CreditWatch where they had been placed on Sept. 25, 2008, following EDF's cash offer for BE. The outlook is negative. We have also affirmed the ratings on EDF's subsidiaries, U.K. utility EDF Energy PLC (A/Negative/A-1), and French power transmission grid operator, RTE EDF Transport S.A. (RTE; AA-/Negative/A-1+).
Both had been placed on CreditWatch with negative implications on Dec. 4, 2008, following EDF's bid for 50% of the nuclear assets of Constellation. The outlook is negative on both ratings.
The ratings of EDF Energy continue to incorporate two notches for extraordinary parental support, reflecting that with the acquisition of BE, the U.K. is an even more key market for the group.
The affirmation of RTE's ratings is in line with our approach of only allowing a one-notch differential between the ratings on EDF and those on RTE, given RTE's independence from EDF, which is guaranteed by law, and protective corporate governance arrangements.
In addition, we have raised to 'BBB-' from 'BB' the ratings on BE, in line with our approach on EDF Energy, whose ratings include two notches of extraordinary parental support. BE's ratings have been removed from CreditWatch where they had been placed with positive implications on Sept. 25, 2008, following EDF's bid for the company. The outlook is stable.
The downgrade of EDF reflects the negative impact of these debt funded acquisitions on EDF's financial profile, especially as the group intends to pursue its substantial capital expenditure program. The negative impact of the BE acquisition will, however, be partly offset by the likely disposal of a 25% stake in the acquisition vehicle for BE, under the same financial terms EDF had for acquiring BE, to U.K. power and gas utility Centrica PLC (A/Negative/A-1).
In addition, the acquisition of BE will dilute to some degree EDF's very strong business profile, given BE's poor operational track record. Despite EDF's nuclear expertise, we don't expect the output of BE to significantly increase, given the specific technology of most of BE's plants. Still, BE will only represent about 6% of the enlarged group's EBITDA.
Moreover, acquiring BE will enable EDF to better balance its deregulated operations in the U.K., which are currently short, as EDF Energy currently generates only about half of the power it supplies. Conversely, given the quality of the assets involved, we would view positively the acquisition of 49.9% of the nuclear assets of Constellation. That said, their contribution to earnings, especially in light of their proportional consolidation, would be limited.
The negative outlook reflects EDF's weak credit measures following the completion of the BE acquisition and its resulting lack of flexibility within the ratings. The ratings would be lowered if EDF's financial profile were to deteriorate further or not recover to levels in line with the ratings, especially coverage of adjusted net debt by FFO of about 17% to 18%. Conversely the outlook could be revised to stable if EDF were to restore its financial profile to levels commensurate with the ratings, which would probably require further mitigating measures.