Fitch conferma il rating di E.ON. La società, prima utility energetica tedesca, conserva un merito di credito molto forte, nonostante la crisi. I dettagli nel report in inglese.
Fitch Affirms E.ON at 'A'; Outlook Stable
22 Jan 2010 10:13 AM (EST)
Fitch Ratings-London/Warsaw/Milan-22 January 2010: Fitch Ratings has today affirmed E.ON AG's (E.ON) Long-term Issuer Default Rating (IDR) at 'A' and its senior unsecured rating at 'A+'. The agency has also affirmed E.ON's Short-term IDR at 'F1'. The Outlook on E.ON's Long-term IDR is Stable.
The affirmation reflects the development of E.ON's financial profile in line with Fitch's expectations when the agency downgraded the company's Long-term IDR to 'A' on December 22nd 2008. E.ON maintained total adjusted debt net of cash/EBITDAR leverage at around 2.6x at Q309, similar to end-2008. Its funds from operations (FFO) interest coverage ratio is expected to remain below 4.0x at YE09, but a slight improvement in leverage is anticipated from the Q309 position.
Fitch expects that E.ON's credit metrics will continue to improve slightly in 2010-2011, but remain commensurate with its current rating category. The forecast leverage level for E.ON at this rating level is comfortable with a good degree of flexibility.
The senior unsecured rating of 'A+' is one notch higher than the IDR, in line with Fitch's methodology for incorporating above-average recovery prospects for debt instruments of vertically-integrated and regulated power utilities in Europe.
The ratings reflect progress on implementation of the disposal programme of more than EUR10bn, with EUR6bn of cash proceeds already secured. The decrease in cash flows resulting from the disposal of assets is offset by reductions in net debt, improved transparency and reduced capex requirements relating to those assets.
The execution of the efficiency programme to be implemented by E.ON will be key in recovering operating cash flows lost through the disposal process. Fitch will continue to closely monitor the results of these planned cost cutting measures.
E.ON's current projections incorporate the capex spending related to organic growth of EUR30bn for 2009-2011, which will result in negative free cash flow in that period. Fitch, however, expects funds from operations to improve thanks to the completion and start up of new build projects, income from which should help to further support leverage ratios.
The Stable Outlook reflects the relative resilience of E.ON's operations to the current economic slowdown. Despite the sharp decrease in energy wholesale prices, substantial decrease in energy demand and the weaknesses of the gas market, the company generated EBITDA of EUR10.4bn in the first three quarters of 2009.
Fitch believes that E.ON should be able to maintain its operating profits during a period of subdued energy and gas demand due to its strong business profile. The company's credit profile benefits from increasing customer, geographic and segment diversification, the size of operations, and vertical integration in electricity and gas segments. E.ON also benefits from its balanced generation mix, its applied hedging and trading strategies and the significant contribution of regulated activities.
At Q309, E.ON's liquidity was backed by EUR4.8bn of unrestricted cash and EUR9bn of unused committed credit facility. E.ON's liquidity comfortably covers capex and debt requirements of around EUR2bn on bonds due at end-2010.
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