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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.
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 ..

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.

Using the New E-Mail Alerts System

Announcement: 18 Feb 2015, 11:28 PM ET - CreditSights launched its new beta e-mail Alerts system on  Mon, February 23rd. A new interface allows users to manage their e-mail  Alerts. This is a user guide for managing your e-mail Alerts in the new system.

Announcing CreditSights' New E-Mail Alerts System

Announcement: 12 Feb 2015, 11:27 PM ET - CreditSights announced the launch of its new beta e-mail Alerts system on Monday, February 23rd. Your previous e-mail Alert preferences will be carried over into the new beta e-mail Alerts system.

UK Water: UU Closes Gap With Final Determination

Sector Analysis: 14 Dec 2014, 10:33 PM ET - We believe the Final Determination is a reasonable outcome for the companies. WACC is lower, but this was expected, and apart from this totex allowances have moved in the companies’ favour while UU has seen its gap drastically reduced.

UK Water: UU Draft Outlier and Changes To Come

Sector Analysis: 01 Sep 2014, 10:06 PM ET - Nothing we heard in the draft determinations changes our view of the companies or the sector, with UU remaining an outlier. Expectations of future changes to the sector and its regulation bring additional uncertainty.

Greenko Plc New Issue: Fair Value Near 9.0%

Company Analysis: 22 Jul 2014, 11:40 PM ET - Greenko (B/positive; B/stable), a first time issuer and leader in the Indian renewable energy sector is marketing a $ bond (Reg S / 144A). We estimate a fair value yield on a five year bond between 8.5-9.0%.

UK Water: It Starts With A Three...

Sector Analysis: 27 Jan 2014, 10:11 PM ET - Ofwat has published its “risk reward guidance” for PR14 and is now proposing a WACC of 3.85%. We believe this may lead to weaker credit metrics and possibly rating pressure.

UK Water: Largest Cos. Accept Licence Changes

Worth Watching: 18 Jan 2013, 5:20 AM ET

UK Water: UU Rejects Proposed Licence Changes

Worth Watching: 25 Nov 2012, 9:23 PM ET
Focused

UK Water: Deadline For Licence Modifications

Worth Watching: 23 Nov 2012, 5:21 AM ET
Focused

Euro Utilities: Jan Issuance Tops €5bn (so far)

Sector Analysis: 22 Jan 2012, 10:26 PM ET - January has seen strong Euro utility issuance and in our view the main reason is companies funding when there is an opportunity rather than face closed markets when they actually need the money.

UK Water: Getting The Balance Right

Sector Analysis: 29 Nov 2009, 8:23 PM ET - Ofwat believes that it has delivered a price control that balances the needs of all stakeholders, be they consumers, debt holders or equity holders. We tend to agree.

UK Water: Final Determination Improves On Draft

Worth Watching: 26 Nov 2009, 11:11 PM ET - UK Water : Our initial thoughts on the final price determination for the UK water sector are that it is clearly a step in the company's direction with higher K factors (averaging +0.5% in the final determination from -0.2% in the draft), higher ca ..

UK Water: Draft Blows Harder Than Expected

Sector Analysis: 23 Jul 2009, 10:22 PM ET - The draft determination was far tougher than anyone expected with average water bills cut by 4% by 2015 and a proposed a cost of capital of 4.5% post tax. We expect positive movement by the final determination, the question is - how much?

UK Water: Ofwat Briefing - Balancing Act

Sector Analysis: 11 Nov 2008, 9:04 PM ET - The Ofwat City Briefing was like watching a tightrope walker before he steps off the platform. We all know that what comes next will be a difficult balancing act.

UK Water: Draft Business Plans See £26 Billion Of Investments

Worth Watching: 12 Aug 2008, 12:56 AM ET - UK Water : On 11 August 2008 the UK water companies published their draft business plans for AMP5 (the five year regulatory period from 2010 to 2015, also known as PR09). These plans anticipate some £26 billion of investment in water and waste wat ..

UK Water: Ofwat Briefing - Spooked By Competition

Sector Analysis: 01 Jul 2008, 10:55 PM ET - We attended the Ofwat City Briefing on 1 July, and were a bit spooked by the talk of competition and potential unbundling.

UK Water Sector: New Competition Consultation

Worth Watching: 18 Jul 2007, 12:37 AM ET - UK Water Sector : Ofwat, the UK water regulator has published a consultation paper on market competition in the water and sewerage industries in England and Wales. The paper seeks to encourage debate about how supply competition can be increased i ..

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