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Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

ESG and Utilities: CSights Sector View and Ratings

Sector Analysis: 30 Oct 2018, 3:25 PM ET - We are following up the formal launch of the CreditSights ESG investing framework with a in-depth look at ESG issues in the utility sector.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Euro HY Conference 2018: Insurers and Utilities

Transcript: 19 Jun 2018, 10:51 PM ET - Hybrid bonds issued by European Utilities and Insurers offer an interesting investment opportunity considering their relatively high yield levels while benefiting from strong ratings. We believe they offer an excellent risk/return.

2018 Outlook: Euro Utilities, Brave New World

Sector Outlook: 12 Dec 2017, 4:04 PM ET - In 2018 we see operating results and credit quality being relatively stable for the utility sector, but longer term increasing competition and declining profitability will likely lead to anew wave of M&A.
Focused

Abengoa/Atlantica Yield: The Next Step Forward

Company Analysis: 05 Nov 2017, 8:11 PM ET - We view the sale of 25% of ABY to Algonquin as positive for both Abengoa and Atlantica Yield. It it is core part of the Abengoa viability plan and it will enable an acceleration of growth at ABY.

UK Utilities: Draft Leaves Hard Work To Ofgem

Sector Analysis: 12 Oct 2017, 10:20 PM ET - Draft legislation will enable the imposition of supply price caps in the UK but fell short of any clarity on the mechanics or level of the cap. The hard work in that regard falls to Ofgem.  

UK Utilities: Pummelled By Price Cap Uncertainty

Sector Analysis: 04 Oct 2017, 10:30 PM ET - UK utility share prices were pummelled on Wednesday after the government resurrected the prospect of price caps on the standard variable tariff. We cut Centrica and SSE to Underperform.

Atlantica Yield: Good 1H Expects ACT Waiver In 3Q

Worth Watching: 04 Aug 2017, 2:24 PM ET - Atlantica Yield (B2/BB-) reported good 1H17 results with cash available for distribution (CAFD) reaching $95.5 mn up from $58.3 mn in 1H16 and from $60.9 mn in 1Q17. Further adjusted EBITDA (including unconsolidated affiliates) rose by 8% to $3 ..

UK Utilities: Tough Price Controls Ahead

Sector Analysis: 18 Jul 2017, 10:42 PM ET - Last week both Ofwat and Ofgem came out with consultation documents for their next regulatory periods. One thing is clear, the customer is the focus and the allowed cost of capital is going to be lower.

Euro Utilities: EVs Not A Big Demand Driver

Sector Analysis: 12 Jul 2017, 9:00 PM ET - When utilities talk about increasing demand from EV’s they are largely deluding themselves, at least in the medium term. 2020 goals for EV penetration will only increase electricity use by about 1% in European countries.

Euro Utilities: Talkin' Bout My Generation 2017

Sector Analysis: 15 Jun 2017, 10:32 PM ET - We focus on the 2016 generation portfolios of the major European utilities in our annual look at this business segment, which still, on average, makes up more than a third of company EBITDA.

Atlantica Yield: 1Q17 - Almost There

Worth Watching: 16 May 2017, 11:31 PM ET - Atlantica Yield (B2/BB-) reported good 1Q17 results with cash available for distribution (CAFD) reaching $60.9 mn, up from $18.7 mn in 1Q16. Further adjusted EBITDA (including unconsolidated affiliates, and hereafter EBITDA) rose by 7% to $165 ..

UK Utilities: Uncertainty Up, Cut Centrica & SSE

Sector Analysis: 11 May 2017, 10:03 PM ET - We cut both Centrica and SSE to Underperform as political uncertainty rises for the UK utilities.

UK Utilities: Price Caps Rear Their Ugly Head

Sector Analysis: 24 Apr 2017, 7:34 PM ET - Uncertainty in the UK energy market is rising with further talk of price caps, but no details have yet been disclosed.
Focused

Abengoa: Reports €7.6 bn FY16 Loss

Worth Watching: 28 Feb 2017, 10:10 PM ET - Abengoa (Ca/NR, previously SD) briefly presented its full year 2016 results after market close on 28 February. Unsurprisingly results were hugely negatively impacted by the ongoing uncertainty and lack of liquidity, but on a positive note the c ..

Euro Utility Outlook 2017: Stable Despite Issues

Sector Outlook: 05 Jan 2017, 9:49 PM ET - 2016 has been a difficult year for the Euro utilities, we see 2017 being much the same, although longer term prospects should improve.

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.

Atlantica Yield: Good Operations At 9M16

Worth Watching: 14 Nov 2016, 9:45 PM ET - Atlantica Yield (ABY, the renamed Abengoa Yield, rated B1/B+) reported an improving operational result in 9M16 and, as proof of its confidence in future profitability increased its quarterly dividend to 45% of cash available for distribution (C ..

OHL: Management Meetings & Investor Roadshow

Company Spotlight: 08 Nov 2016, 8:18 PM ET -  In this article on OHL, we examine the key questions that were raised by investors and clients during our European High Yield Conference and follow-up road show and discuss our key takeaways from a meeting with OHL's senior management.  

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