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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.
Focused

UK Water: Ofwat Sees WACC At 2.4% for PR19

Worth Watching: 19 Dec 2017, 8:49 PM ET - UK Water: Last week Ofwat published its PR19 final methodology document, which sets out its planned methodology to be used for the next water company price control commencing in April 2020 and running until March 2025. The main headlines were th ..

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.
Focused

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.

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.

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.

PPL Bonds Gap Out on Brexit; 60% of EPS from UK

Company Analysis: 05 Jul 2016, 10:10 PM ET - We like the yield pickup in PPL holdco bonds that sold off on the weaker GBP exchange rates following the Brexit vote. 

Euro Utilities: Brexit And UK Exposure

Sector Analysis: 27 Jun 2016, 11:05 PM ET - We see the utilities sector remaining relatively stable after the UK Brexit vote. Our most preferred of the UK exposed utilities is National Grid, while our least preferred, post-vote, is SSE.

Euro Utilities: Talkin' 'Bout My Generation

Sector Analysis: 01 Jun 2016, 10:30 PM ET - We take a look at the generation portfolios and carbon footprint of the major European utilities.

Euro Utilities Outlook 2016: More Of The Same

Sector Outlook: 13 Jan 2016, 11:10 PM ET - 2015 has been a difficult year for the Euro utilities, we see 2016 being much the same.

S&P Reinterprets “Equity” on €20bn of Corp Hybrids

Sector Analysis: 27 Oct 2015, 11:14 PM ET - Once again S&P has unnerved the hybrid bond market with a revision of hybrid equity assessment that has resulted in a change in the equity credit to zero on 29 corporate hybrid issues, with a face value of €20 bn.

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