CreditSights logo
Forgot Password?


Search Results

Excerpts only. To access full content please login or request a free trial.

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.

UK Utilities: Price Cap Relief

Worth Watching: 06 Sep 2018, 9:38 AM ET - UK Utilities : On 6 September Ofgem released its delayed consultation document on the UK tariff cap: and the market breathed a sigh of relief. I am currently out of the office on holiday and so any exhaustive analysis will need to wait until my ..

EDF: Chinese May Be Looking For BE Stake

Worth Watching: 09 Jul 2018, 5:17 AM ET - EDF: Over the weekend the UK press (The Sunday Times) reported that China General Nuclear Corp (CGN) has approached EDF and Centrica about acquiring 49% of the old British Energy (BE). EDF acquired BE, which owns and operates eight nuclear pla ..

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.

Euro Utilities: 2017 Results Roundup

Sector Analysis: 12 Apr 2018, 10:19 PM ET - We take a look at the trends and the highlights of the recent 2017 Euro utility results season 

UK Utilities: Price Cap Bill Before Parliament

Worth Watching: 27 Feb 2018, 9:05 PM ET - UK Utilities : The Bill that will cap domestic energy tariffs got its first reading before Parliament on the 26 Feb. This is the Bill that intends to put the legislation in place to cap tariffs for customers on a default standard variable tarif ..

Centrica: Bond Tender Clarification

Worth Watching: 26 Feb 2018, 9:33 AM ET - Centrica (Baa1/BBB+): In our recent Centrica FY17 results comment we wrote that Centrica had tendered for two of its outstanding US$ bonds, but Centrica has also tendered for five of its sterling bonds. See table below which includes all the te ..

Centrica FY17: Down But Not Out

Earnings Note: 22 Feb 2018, 10:12 PM ET - Centrica FY17 results were weak as expected but other messages were positive and there was additional clarity around the UK price cap uncertainty. We are moving Centrica to Market perform from Underperform.

Euro IG Strategy: Picks and Pans (February 2018)

Strategy Analysis: 04 Feb 2018, 10:28 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 

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.

Centrica: Equity Down 17% On Profit Warning

Worth Watching: 23 Nov 2017, 5:57 AM ET - Centrica (Baa1/BBB+) equity is down over 17% as we write after the company published a profit warning in its 3Q17 trading update stating that trading conditions continue to be highly competitive and performance delivery since mid-year within th ..

Innogy and SSE: The Big Five?

Worth Watching: 07 Nov 2017, 10:16 AM ET - Innogy and SSE : Innogy released an ad-hoc announcement on 7 November stating that it and SSE "are in advanced discussions on combining their retail activities in Great Britain". The discussions are regarding a combination of innogy's retail ..

October 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Oct 2017, 11:11 PM ET - Our monthly report provides executive summaries for the ten companies recommendation changes made on European companies during the month of October.

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.

Centrica: 1H17 Results Well Trailed And Expected

Worth Watching: 01 Aug 2017, 10:59 AM ET - Centrica (Baa1/BBB+) reported 1H17 results generally in line with expectations. EBITDA increased by 2% to £1.3 bn and adjusted operating profit declined by 4% to £816 mn, although Centrica stated that adjusted operating profit from its customer ..

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.

Centrica: E&P JV With Bayerngas

Company Analysis: 17 Jul 2017, 8:48 PM ET - Centrica’s announced E&P joint venture will be one of the largest European independent E&P companies. We view the transaction as mildly credit positive.

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>


Refine Results