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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.

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.

EDF: Le Creusot Update

Worth Watching: 14 Sep 2017, 5:19 AM ET - EDF (A3/A-) issued a press release on 14 September which stated that while "anomalies" and "non-conformance" had been found in manufacturing records from the Le Creusot Forge, "EDF's assessment of the findings, which has been submitted to the r ..

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.
Focused

EDF/Areva: EDF Statement On Flamanville Position

Worth Watching: 29 Jun 2017, 5:29 AM ET - EDF/Areva (A3/A-): Following our comment on the ASN draft position statement EDF has issued a press release on the matter which largely answers our questions. EDF states that it is looking at methods to perform in service monitoring on the Flam ..
Focused

EDF/Areva: ASN Presents Flamananville Position

Worth Watching: 28 Jun 2017, 10:24 PM ET - EDF/Areva : Following earlier press reports, on 28 June the French Nuclear safety Authority (the ASN) presented its position regarding the Flamanville EPR reactor pressure vessel anomaly (the carbon content of the steel). The ASN wrote "On the ..
Focused

EDF/Areva: Doubts Reported On Flamanville Cover

Worth Watching: 27 Jun 2017, 12:44 PM ET - EDF/Areva : There have been reports in the press (Reuters) that the cover on the Flamanville reactor vessel may not be fit for permanent service, largely because the inaccessibility of this particular part of the vessel means that it has not b ..

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.
Focused

Areva: EC Clears Sale of New NP to EDF

Worth Watching: 30 May 2017, 9:23 AM ET - Areva (Areva Newco bonds rated B+ Developing) cleared one of the EC conditions for its capital increase to proceed when the takeover of Areva's nuclear reactor business (New NP) by EDF was approved by the EC under EU Merger Regulations on 29 Ma ..

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

Areva FY16: New Co, But Same Issue

Earnings Note: 12 Mar 2017, 8:24 PM ET - We continue to expect the French state will engineer the rescue of Areva but until things are clearer and both of the capital increase conditions are met, the exact outcome for bondholders remains uncertain.
Focused

Areva: Finalising Terms With NewCo Investors

Worth Watching: 03 Feb 2017, 5:54 AM ET - Areva (NR/B Developing at Areva SA, Newco bonds rated NR/B+ Developing) announced on 3 February that it had reached an agreement on the main terms of the respective acquisition of 5% minority stakes in NewCo by both Japan Nuclear Fuel Limited ( ..
Focused

Areva: Sets Terms For Capital Increase

Worth Watching: 12 Jan 2017, 9:06 PM ET - Areva (NR/B+ developing, debt at NewCo rated NR/BB- developing): following the announcement of conditional EC approval for its planned capital increase, Areva's Board met on 11 January to decide the terms of the capital increase. The issue p ..

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