Edison Spa
Ufficio Stampa Tel. +39 02 6222.7331
Foro Buonaparte, 31 Fax. +39 02 6222.7379
20121 Milano - MI ufficiostampa@edison.it
Comunicato stampa
EDISON: STANDARD&POOR’S CONFERMA IL RATING BBB+
Milano, 21 maggio 2008 – L’agenzia di rating Standard&Poor’s ha confermato oggi, alla fine della propria review annuale, il merito di credito a lungo termine di Edison a BBB+.
L’outlook è stato rivisto in “stabile”. I giudizi di Standard&Poor’s riflettono la forte posizione di Edison nel settore dell’energia in Italia, nonché le prospettive di crescita della società, supportate dagli azionisti. La conferma del rating tiene infatti conto del piano di crescita del Gruppo che per il periodo 2008-2013 prevede importanti investimenti volti a consolidare il proprio ruolo in Italia, accelerare nel campo delle energie rinnovabili, nonché crescere significativamente all’estero, sia nel settore idrocarburi – dove Edison sta già partecipando a importanti gare internazionali nel campo dell’E&P – che in quello dell’energia elettrica.
Si riporta di seguito il testo integrale del comunicato stampa diramato da Standard&Poor’s.
S&P Revises Edison's Outlook To Stable
PARIS (Standard & Poor's) May 21, 2008--Standard & Poor's Ratings Services said today that it revised its outlook on major Italian power and gas utility Edison SpA to stable from positive. At the same time, Standard &
Poor's affirmed all ratings, including the 'BBB+/A-2' long- and short-term corporate credit ratings, on the company.
"The outlook revision primarily reflects the likelihood that Edison's financial profile will weaken to a degree from 2008, as a result of substantial debt- funded investments," said Standard & Poor's credit analyst Hugues de la Presle.
Moreover, Edison will allocate a significant share of these investments to exploration & production (E&P) activities, which are generally considered to be riskier than the company's core power business.
The ratings on Edison reflect its well-established position as Italy's second- largest electric and gas utility; its efficient and recent generation fleet; the
Italian market's favorable growth prospects notwithstanding some risk of slight overcapacity over the next years; the stable cash flows derived from regulated CIP6 power sales, whose share of total sales is, however, declining; and a one- notch uplift for shareholder support from joint owner Electricite de France S.A. (EDF; AA-/Stable/A-1+). Constraining factors include Edison's primary focus on power generation and limited downstream integration; Edison's limited ability to sell its output forward given market conditions in Italy; and the limited fuel diversity of its primarily gas-fired generation fleet.
"We expect Edison to maintain its leading positions in Italy in electricity and gas, as well as a financial profile in line with the ratings," said Mr. de la Presle.
We particularly look for coverage of adjusted net debt, excluding the debt of holding company TdE, by FFO in excess of 20%.
Given the scale of Edison's investments, the ratings offer limited upside.
Conversely, ratings could come under pressure if the group's financial profile weakens markedly as a result of further investments, or if its business mix shifts significantly more toward riskier E&P activities.
***
Ufficio Stampa Edison: Tel. 02 62227331, ufficiostampa@edison.it Investor Relations Edison: Tel. 02 62228415, investor.relations@edison.it
www.edison.it
Obblighi informativi verso il pubblico previsti dalla delibera Consob n. 11971 del 14.5.1999 e successive modifiche
2
