Imark
Forumer storico
Per la spagnola Iberdrola, la maggiore utility del paese, S&P afferma il rating con outlook stabile. Punto di forza di Iberdrola il fatto che il 45% dell'EBITDA è prodotto da attività a tariffa regolamentata o semiregolamentata (meno soggetta ai downturn in caso di debolezza del mercato energetico).
Tuttavia S&P avvisa che i parametri di protezione dei creditori sono attualmente deboli per il rating A- e dunque che nel prossimo semestre l'attività di Iberdrola sarà tenuta d'occhio per verificare se il contesto macroeconomico sfavorevole non sia di per sé idoneo a determinare azioni negative sul rating ove non venissero adottate adeguate contromisure.
Spanish Utility Iberdrola 'A-/A-2' Ratings Affirmed; Outlook Stable
MADRID (Standard & Poor's) Feb. 24, 2009--Standard & Poor's Ratings Services said today that it has affirmed its 'A-' long-term and 'A-2' short-term corporate credit ratings on Spanish utility Iberdrola S.A. The outlook is stable.
"The ratings reflect Iberdrola's strong position as one of Spain's
dominant vertically integrated electricity utilities," said Standard & Poor's
credit analyst Monica Mariani. "They equally take into account the regulated and quasi-regulated nature of its European and U.S. network and renewable operations, respectively, which together contribute about 45% of EBITDA and provide cash flow stability and predictability."
The ratings also reflect the group's increased earnings diversity--both
geographic and operational--through the acquisitions of Scottish Power Ltd. (A-/Stable/A-2) and Energy East Corp. (BBB+/Watch Neg/A-2).
These strengths are offset by the negative impact of the recessionary
environment on power prices and demand, leading to increasing risk of
oversupply and higher competition; exposure to electricity price volatility;
and the weakening of the group's capital structure owing to the recent
acquisitions. This weakening has resulted in credit ratios that are tight for
the current rating level.
"The stable outlook is based on Iberdrola's strong business profile,
improved liability management, flexibility under its development plan, and
committed financial policies," said Ms. Mariani. "It also rests on our
expectation of a solution to the financing of the tariff deficit in 2009."
At the same time, Standard & Poor's considers the group's credit ratios to be tight for the rating level and exposed to downside in the current macroeconomic environment.
Hence, we will follow the performance of the group in the first half of 2009 and the developments surrounding the tariff deficit. If these issues are not addressed favorably in 2009, the ratings could come under pressure in the absence of mitigating actions. An upgrade is unlikely in the short term.
Tuttavia S&P avvisa che i parametri di protezione dei creditori sono attualmente deboli per il rating A- e dunque che nel prossimo semestre l'attività di Iberdrola sarà tenuta d'occhio per verificare se il contesto macroeconomico sfavorevole non sia di per sé idoneo a determinare azioni negative sul rating ove non venissero adottate adeguate contromisure.
Spanish Utility Iberdrola 'A-/A-2' Ratings Affirmed; Outlook Stable
MADRID (Standard & Poor's) Feb. 24, 2009--Standard & Poor's Ratings Services said today that it has affirmed its 'A-' long-term and 'A-2' short-term corporate credit ratings on Spanish utility Iberdrola S.A. The outlook is stable.
"The ratings reflect Iberdrola's strong position as one of Spain's
dominant vertically integrated electricity utilities," said Standard & Poor's
credit analyst Monica Mariani. "They equally take into account the regulated and quasi-regulated nature of its European and U.S. network and renewable operations, respectively, which together contribute about 45% of EBITDA and provide cash flow stability and predictability."
The ratings also reflect the group's increased earnings diversity--both
geographic and operational--through the acquisitions of Scottish Power Ltd. (A-/Stable/A-2) and Energy East Corp. (BBB+/Watch Neg/A-2).
These strengths are offset by the negative impact of the recessionary
environment on power prices and demand, leading to increasing risk of
oversupply and higher competition; exposure to electricity price volatility;
and the weakening of the group's capital structure owing to the recent
acquisitions. This weakening has resulted in credit ratios that are tight for
the current rating level.
"The stable outlook is based on Iberdrola's strong business profile,
improved liability management, flexibility under its development plan, and
committed financial policies," said Ms. Mariani. "It also rests on our
expectation of a solution to the financing of the tariff deficit in 2009."
At the same time, Standard & Poor's considers the group's credit ratios to be tight for the rating level and exposed to downside in the current macroeconomic environment.
Hence, we will follow the performance of the group in the first half of 2009 and the developments surrounding the tariff deficit. If these issues are not addressed favorably in 2009, the ratings could come under pressure in the absence of mitigating actions. An upgrade is unlikely in the short term.
