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<item><link>http://www.alacrastore.com/research/s-and-p-credit-research-Summary_Iberdrola_S_A-755406</link><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">755406</spcred:docid><guid isPermaLink="false">spcred/755406</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>05 Nov 2009 08:28:08 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Summary: Iberdrola S.A.</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:type><description>The latest Summary from S&amp;P</description><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Spain</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Electric Utilities</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:index_entry_disptype><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">ESP</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">55101010 551010 5510 55</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">Iberdrola S.A.</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">119875</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">IBE@SM</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">SUMMARY</spcred:index_entry_reporttype><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">GBR</spcred:index_entry_seccountry><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_seccountry><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">29266M</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">29267G</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">2926P2</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">2926P3</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">2926P5</spcred:index_entry_seccusip><spcred:index_entry_seccusip xmlns:spcred="http://www.alacra.com/spcred">81013T</spcred:index_entry_seccusip><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">55101010 551010 5510 55</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">55103010 551030 5510 55</spcred:index_entry_secgics><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Energy East Corp.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Scottish Power Ltd.</spcred:index_entry_secissuer><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">330980</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">371500</spcred:index_entry_secissuerid><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">LATAMERICA</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_secreg><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">EAS</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">SPW@LN</spcred:index_entry_secticker><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">Electric</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">UTIL</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-Iberdrola_SSE_GDF_Suez_Win_Nuclear_Site_Tender-90495</link><cs:docid xmlns:cs="http://www.alacra.com/cs">90495</cs:docid><guid isPermaLink="false">cs/90495</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">WWTemplate</cs:DS><cs:analyst xmlns:cs="http://www.alacra.com/cs">amoulder</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">gdf_suez</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">iberdrola</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">rochester_gas_electric</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">scottish_and_southern_energy</cs:company><cs:companyFocus xmlns:cs="http://www.alacra.com/cs">gdf_suez</cs:companyFocus><cs:companyFocus xmlns:cs="http://www.alacra.com/cs">iberdrola</cs:companyFocus><cs:companyFocus xmlns:cs="http://www.alacra.com/cs">scottish_and_southern_energy</cs:companyFocus><cs:companyMention xmlns:cs="http://www.alacra.com/cs">rochester_gas_electric</cs:companyMention><cs:country xmlns:cs="http://www.alacra.com/cs">belgium</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">france</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">spain</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">united_kingdom</cs:country><cs:countryMention xmlns:cs="http://www.alacra.com/cs">belgium</cs:countryMention><cs:countryMention xmlns:cs="http://www.alacra.com/cs">france</cs:countryMention><cs:countryMention xmlns:cs="http://www.alacra.com/cs">spain</cs:countryMention><cs:countryMention xmlns:cs="http://www.alacra.com/cs">united_kingdom</cs:countryMention><cs:csid xmlns:cs="http://www.alacra.com/cs">90495</cs:csid><pubDate>28 Oct 2009 11:08:51 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">90495</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">europe</cs:region><cs:region xmlns:cs="http://www.alacra.com/cs">united_states</cs:region><cs:regionMention xmlns:cs="http://www.alacra.com/cs">europe</cs:regionMention><cs:regionMention xmlns:cs="http://www.alacra.com/cs">united_states</cs:regionMention><cs:sector xmlns:cs="http://www.alacra.com/cs">electric</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">energy</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">gas</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">utilities</cs:sector><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">electric</cs:sectorMention><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">energy</cs:sectorMention><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">gas</cs:sectorMention><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">utilities</cs:sectorMention><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">companies_withnvertibles</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">euro_markets_issuers</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">nuclear_power</cs:tag><cs:tagFocus xmlns:cs="http://www.alacra.com/cs">nuclear_power</cs:tagFocus><cs:tagMention xmlns:cs="http://www.alacra.com/cs">companies_withnvertibles</cs:tagMention><cs:tagMention xmlns:cs="http://www.alacra.com/cs">euro_markets_issuers</cs:tagMention><title>Iberdrola/SSE/GDF Suez: Win Nuclear Site Tender</title><cs:type xmlns:cs="http://www.alacra.com/cs">WorthWatching</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Worth Watching</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">196</cs:wcnum><description> Iberdrola/SSE/GDF Suez: Win Nuclear Site Tender Iberdrola/SSE/GDF SuezÂ announced on ## October that their consortium had secured an option to purchase landÂ for a new nuclear plant at Sellafield on the Cumbrian Coast (North West of England)...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-Iberdrola_9M09_Stable_All_Round-90117</link><cs:docid xmlns:cs="http://www.alacra.com/cs">90117</cs:docid><guid isPermaLink="false">cs/90117</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">ArticleTemplate</cs:DS><cs:abstract xmlns:cs="http://www.alacra.com/cs">Iberdrola reported in-line and stable 9M09 results in a difficult environment. It expects net leverage at the end of the year will be below 48% and liquidity is sufficient to cover 2010 needs. We maintain our Overweight view.</cs:abstract><cs:analyst xmlns:cs="http://www.alacra.com/cs">amoulder</cs:analyst><cs:analyst xmlns:cs="http://www.alacra.com/cs">fnicolas</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">iberdrola</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">rochester_gas_electric</cs:company><cs:companyFocus xmlns:cs="http://www.alacra.com/cs">iberdrola</cs:companyFocus><cs:companyMention xmlns:cs="http://www.alacra.com/cs">rochester_gas_electric</cs:companyMention><cs:country xmlns:cs="http://www.alacra.com/cs">spain</cs:country><cs:countryMention xmlns:cs="http://www.alacra.com/cs">spain</cs:countryMention><cs:csid xmlns:cs="http://www.alacra.com/cs">90117</cs:csid><pubDate>21 Oct 2009 11:08:48 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">90117</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">europe</cs:region><cs:region xmlns:cs="http://www.alacra.com/cs">united_states</cs:region><cs:regionMention xmlns:cs="http://www.alacra.com/cs">europe</cs:regionMention><cs:regionMention xmlns:cs="http://www.alacra.com/cs">united_states</cs:regionMention><cs:sector xmlns:cs="http://www.alacra.com/cs">electric</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">energy</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">utilities</cs:sector><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">electric</cs:sectorMention><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">energy</cs:sectorMention><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">utilities</cs:sectorMention><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">companies_withnvertibles</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">earnings</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">euro_markets_issuers</cs:tag><cs:tagFocus xmlns:cs="http://www.alacra.com/cs">earnings</cs:tagFocus><cs:tagMention xmlns:cs="http://www.alacra.com/cs">companies_withnvertibles</cs:tagMention><cs:tagMention xmlns:cs="http://www.alacra.com/cs">euro_markets_issuers</cs:tagMention><title>Iberdrola 9M09: Stable All Round</title><cs:type xmlns:cs="http://www.alacra.com/cs">EarningsNote</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Earnings Note</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">2043</cs:wcnum><description> Iberdrola #M##: Stable All Round Iberdrola reported #M## results in line with market expectations, with year-on-year operating results being generally stable.

Like all of the European utilities Iberdrola is suffering from the difficult...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/ccbn/T2479396</link><ccbn:docid xmlns:ccbn="http://www.alacra.com/ccbn">T2479396</ccbn:docid><guid isPermaLink="false">ccbn/T2479396</guid><ccbn:index_mode xmlns:ccbn="http://www.alacra.com/ccbn">norm</ccbn:index_mode><pubDate>21 Oct 2009 04:07:00 EST</pubDate><ccbn:eventid xmlns:ccbn="http://www.alacra.com/ccbn">2479396</ccbn:eventid><ccbn:headline xmlns:ccbn="http://www.alacra.com/ccbn">Final Transcript of IBE.MC earnings conference call or presentation, 21-Oct-09 9:30am CET</ccbn:headline><ccbn:name xmlns:ccbn="http://www.alacra.com/ccbn">Iberdrola</ccbn:name><ccbn:price xmlns:ccbn="http://www.alacra.com/ccbn">54.0000</ccbn:price><ccbn:revision xmlns:ccbn="http://www.alacra.com/ccbn">Final</ccbn:revision><ccbn:storetitle xmlns:ccbn="http://www.alacra.com/ccbn">Iberdrola Q3 2009 Earnings Presentation and Conference Call (English) Transcript</ccbn:storetitle><ccbn:ticker xmlns:ccbn="http://www.alacra.com/ccbn">IBE.MC</ccbn:ticker><ccbn:time xmlns:ccbn="http://www.alacra.com/ccbn">9:30am CET</ccbn:time><title>Iberdrola Q3 2009 Earnings Presentation and Conference Call (English) Transcript</title><ccbn:type xmlns:ccbn="http://www.alacra.com/ccbn">Transcript</ccbn:type><description>...Ignacio Galan Iberdrola - Chairman Jose Sainz Armada Iberdrola - CFO Francisco Martinez Corcoles Iberdrola - Director of the Liberalized Business, Spain &amp; Portugal Jose Luis San Pedro Iberdrola - Director of Operations, Iberia &amp; Latin America...

</description><category>Credit &amp; Investment Research</category><alacra:ip>Thomson StreetEvents</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-Euro_Utilities_Watts_Up_In_October-89945</link><cs:docid xmlns:cs="http://www.alacra.com/cs">89945</cs:docid><guid isPermaLink="false">cs/89945</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">ArticleTemplate</cs:DS><cs:abstract xmlns:cs="http://www.alacra.com/cs">In a slightly different Watts Up, we take a brief look at the recent disaster at the RusHydro Sayano-Shushenskaya hydro plant which investigators have put down to "poor maintenance and technical deficiencies".</cs:abstract><cs:analyst xmlns:cs="http://www.alacra.com/cs">amoulder</cs:analyst><cs:analyst xmlns:cs="http://www.alacra.com/cs">fnicolas</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">e_on</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">fortum</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">gas_natural_sdg_sa</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">gdf_suez</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">iberdrola</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">national_grid</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">rwe</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">scottish_and_southern_energy</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">vattenfall</cs:company><cs:companyFocus xmlns:cs="http://www.alacra.com/cs">rwe</cs:companyFocus><cs:companyMention xmlns:cs="http://www.alacra.com/cs">e_on</cs:companyMention><cs:companyMention xmlns:cs="http://www.alacra.com/cs">fortum</cs:companyMention><cs:companyMention xmlns:cs="http://www.alacra.com/cs">gas_natural_sdg_sa</cs:companyMention><cs:companyMention xmlns:cs="http://www.alacra.com/cs">gdf_suez</cs:companyMention><cs:companyMention xmlns:cs="http://www.alacra.com/cs">iberdrola</cs:companyMention><cs:companyMention xmlns:cs="http://www.alacra.com/cs">national_grid</cs:companyMention><cs:companyMention xmlns:cs="http://www.alacra.com/cs">scottish_and_southern_energy</cs:companyMention><cs:companyMention xmlns:cs="http://www.alacra.com/cs">vattenfall</cs:companyMention><cs:country xmlns:cs="http://www.alacra.com/cs">germany</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">russian_federation</cs:country><cs:countryMention xmlns:cs="http://www.alacra.com/cs">germany</cs:countryMention><cs:countryMention xmlns:cs="http://www.alacra.com/cs">russian_federation</cs:countryMention><cs:csid xmlns:cs="http://www.alacra.com/cs">89945</cs:csid><pubDate>19 Oct 2009 11:09:00 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">89945</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">europe</cs:region><cs:regionMention xmlns:cs="http://www.alacra.com/cs">europe</cs:regionMention><cs:sector xmlns:cs="http://www.alacra.com/cs">electric</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">energy</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">utilities</cs:sector><cs:sectorFocus xmlns:cs="http://www.alacra.com/cs">utilities</cs:sectorFocus><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">electric</cs:sectorMention><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">energy</cs:sectorMention><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">companies_withnvertibles</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">euro_markets_issuers</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">ma_activity</cs:tag><cs:tagMention xmlns:cs="http://www.alacra.com/cs">companies_withnvertibles</cs:tagMention><cs:tagMention xmlns:cs="http://www.alacra.com/cs">euro_markets_issuers</cs:tagMention><cs:tagMention xmlns:cs="http://www.alacra.com/cs">ma_activity</cs:tagMention><title>Euro Utilities: Watts Up In October</title><cs:type xmlns:cs="http://www.alacra.com/cs">EuroUtilitiesWattsUpReport</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">European Utilities Watts Up</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">3927</cs:wcnum><description> Euro Utilities: Watts Up In October In a slightly different Watts Up, before we move into the third quarter results season, we take a brief look at the recent disaster at the RusHydro Sayano-Shushenskaya hydro plant.

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The Big # replies were unanimous, that costs were likely to rise and that, though...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-Euro_Utilities_Boring_Is_The_New_Black-88999</link><cs:docid xmlns:cs="http://www.alacra.com/cs">88999</cs:docid><guid isPermaLink="false">cs/88999</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">ArticleTemplate</cs:DS><cs:abstract xmlns:cs="http://www.alacra.com/cs">Investors are looking for stability and in our London Conference presentation we attempted to look at the factors that can give some indication of stability in individual sector names.</cs:abstract><cs:analyst xmlns:cs="http://www.alacra.com/cs">amoulder</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">gdf_suez</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">national_grid</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">vattenfall</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">fortum</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">scottish_and_southern_energy</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">rwe</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">iberdrola</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">e_on</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">veolia</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">enel_spa</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">gas_natural_sdg_sa</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">rochester_gas_electric</cs:company><cs:country xmlns:cs="http://www.alacra.com/cs">de</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">be</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">gb</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">fr</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">es</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">fi</cs:country><cs:csid xmlns:cs="http://www.alacra.com/cs">88999</cs:csid><pubDate>21 Sep 2009 03:09:00 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">88999</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">europe</cs:region><cs:region xmlns:cs="http://www.alacra.com/cs">united_states</cs:region><cs:sector xmlns:cs="http://www.alacra.com/cs">utilities</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">energy</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">electric</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">gas</cs:sector><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">ma_activity</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">companies_withnvertibles</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">euro_markets_issuers</cs:tag><title>Euro Utilities: Boring Is The New Black</title><cs:type xmlns:cs="http://www.alacra.com/cs">Transcript</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Transcript</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">5662</cs:wcnum><description> Euro Utilities: Boring Is The New Black This article is based on the recent presentation we gave on the Euro utility sector at the CreditSights London Conference on ## September. We attempted to look at the factors that can give some...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-Euro_Utilities_CreditSights_Conference_Summary-88809</link><cs:docid xmlns:cs="http://www.alacra.com/cs">88809</cs:docid><guid isPermaLink="false">cs/88809</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">WWTemplate</cs:DS><cs:analyst xmlns:cs="http://www.alacra.com/cs">amoulder</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">e_on</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">fortum</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">gdf_suez</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">iberdrola</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">national_grid</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">vattenfall</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">rwe</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">scottish_and_southern_energy</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">rochester_gas_electric</cs:company><cs:country xmlns:cs="http://www.alacra.com/cs">gb</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">de</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">es</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">be</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">fr</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">fi</cs:country><cs:csid xmlns:cs="http://www.alacra.com/cs">88809</cs:csid><pubDate>14 Sep 2009 11:10:00 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">88809</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">united_states</cs:region><cs:region xmlns:cs="http://www.alacra.com/cs">europe</cs:region><cs:sector xmlns:cs="http://www.alacra.com/cs">gas</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">utilities</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">energy</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">electric</cs:sector><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">euro_markets_issuers</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">companies_withnvertibles</cs:tag><title>Euro Utilities: CreditSights Conference Summary</title><cs:type xmlns:cs="http://www.alacra.com/cs">WorthWatching</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Worth Watching</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">262</cs:wcnum><description> Euro Utilities: CreditSights Conference Summary Euro UtilitiesÂ : In our CreditSights London conference today, ## September, the theme of the Euro utilities presentation is the stability of the sector and in particular the stability...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-Iberdrola_Issues_2_Billion_US_Dollar_Bonds-88610</link><cs:docid xmlns:cs="http://www.alacra.com/cs">88610</cs:docid><guid isPermaLink="false">cs/88610</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">WWTemplate</cs:DS><cs:analyst xmlns:cs="http://www.alacra.com/cs">amoulder</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">iberdrola</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">rochester_gas_electric</cs:company><cs:country xmlns:cs="http://www.alacra.com/cs">es</cs:country><cs:csid xmlns:cs="http://www.alacra.com/cs">88610</cs:csid><pubDate>09 Sep 2009 06:09:00 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">88610</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">united_states</cs:region><cs:region xmlns:cs="http://www.alacra.com/cs">europe</cs:region><cs:sector xmlns:cs="http://www.alacra.com/cs">energy</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">utilities</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">electric</cs:sector><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">companies_withnvertibles</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">euro_markets_issuers</cs:tag><title>Iberdrola: Issues $2 Billion US Dollar Bonds</title><cs:type xmlns:cs="http://www.alacra.com/cs">WorthWatching</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Worth Watching</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">344</cs:wcnum><description> Iberdrola: Issues $# Billion US Dollar Bonds IberdrolaÂ (A#/A-) joined the growing ranks of recent Euro utilities issuing in the US dollar market when it succeeded in issuing (a ###A issue) a total of $# billion, in two maturities, five-year...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-Euro_Utilities_UK_DPCR5_A_Bit_Of_A_Mixed_Bag-87386</link><cs:docid xmlns:cs="http://www.alacra.com/cs">87386</cs:docid><guid isPermaLink="false">cs/87386</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">ArticleTemplate</cs:DS><cs:abstract xmlns:cs="http://www.alacra.com/cs">In our opinion the UK electricity distribution sector initial price proposals were a bit of a mixed bag, with uncertainty over the cost of capital, the right balance for incentives and pensions.</cs:abstract><cs:analyst xmlns:cs="http://www.alacra.com/cs">amoulder</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">e_on</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">edf_electricite_de_france</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">iberdrola</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">midamerican_energy_holdings</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">ppl</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">rochester_gas_electric</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">scottish_and_southern_energy</cs:company><cs:companyFocus xmlns:cs="http://www.alacra.com/cs">e_on</cs:companyFocus><cs:companyFocus xmlns:cs="http://www.alacra.com/cs">edf_electricite_de_france</cs:companyFocus><cs:companyFocus xmlns:cs="http://www.alacra.com/cs">iberdrola</cs:companyFocus><cs:companyFocus xmlns:cs="http://www.alacra.com/cs">scottish_and_southern_energy</cs:companyFocus><cs:companyMention xmlns:cs="http://www.alacra.com/cs">midamerican_energy_holdings</cs:companyMention><cs:companyMention xmlns:cs="http://www.alacra.com/cs">ppl</cs:companyMention><cs:companyMention xmlns:cs="http://www.alacra.com/cs">rochester_gas_electric</cs:companyMention><cs:country xmlns:cs="http://www.alacra.com/cs">france</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">germany</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">spain</cs:country><cs:country xmlns:cs="http://www.alacra.com/cs">united_kingdom</cs:country><cs:countryMention xmlns:cs="http://www.alacra.com/cs">france</cs:countryMention><cs:countryMention xmlns:cs="http://www.alacra.com/cs">germany</cs:countryMention><cs:countryMention xmlns:cs="http://www.alacra.com/cs">spain</cs:countryMention><cs:countryMention xmlns:cs="http://www.alacra.com/cs">united_kingdom</cs:countryMention><cs:csid xmlns:cs="http://www.alacra.com/cs">87386</cs:csid><pubDate>03 Aug 2009 11:09:00 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">87386</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">europe</cs:region><cs:region xmlns:cs="http://www.alacra.com/cs">united_states</cs:region><cs:regionMention xmlns:cs="http://www.alacra.com/cs">europe</cs:regionMention><cs:regionMention xmlns:cs="http://www.alacra.com/cs">united_states</cs:regionMention><cs:sector xmlns:cs="http://www.alacra.com/cs">electric</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">energy</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">utilities</cs:sector><cs:sectorFocus xmlns:cs="http://www.alacra.com/cs">utilities</cs:sectorFocus><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">electric</cs:sectorMention><cs:sectorMention xmlns:cs="http://www.alacra.com/cs">energy</cs:sectorMention><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">companies_withnvertibles</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">euro_markets_issuers</cs:tag><cs:tagMention xmlns:cs="http://www.alacra.com/cs">companies_withnvertibles</cs:tagMention><cs:tagMention xmlns:cs="http://www.alacra.com/cs">euro_markets_issuers</cs:tagMention><title>Euro Utilities: UK DPCR5, A Bit Of A Mixed Bag</title><cs:type xmlns:cs="http://www.alacra.com/cs">SectorComment</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Sector Analysis</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">3013</cs:wcnum><description> Euro Utilities: UK DPCR#, A Bit Of A Mixed Bag In our opinion the UK electricity distribution sector initial price proposals were a bit of a mixed bag, and were very much of a consultatory nature.

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Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/460550_report_frame</link><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">460550_report_frame</fitch:docid><guid isPermaLink="false">fitch/460550_report_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">pdf</fitch:index_mode><fitch:company xmlns:fitch="http://www.alacra.com/fitch">The Berkshire Gas Company</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Central Maine Power Company, Inc.</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Connecticut Natural Gas Corporation</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">New York State Electric &amp; Gas Corporation (NYSEG)</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Energy East Corporation</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Rochester Gas and Electric Corporation</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Iberdrola S.A.</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Southern Connecticut Gas Company</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464052</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464093</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464090</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80088960</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464262</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464091</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464092</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">86247516</fitch:companyid><pubDate>29 Jul 2009 06:32:00 EST</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020100</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020300</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020200</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01032200</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">425</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Full Rating Report</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">IBE</fitch:ticker><title>Credit Analysis: The Connecticut Natural Gas Company</title><description>Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/460554_report_frame</link><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">460554_report_frame</fitch:docid><guid isPermaLink="false">fitch/460554_report_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">pdf</fitch:index_mode><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Southern Connecticut Gas Company</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Rochester Gas and Electric Corporation</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">New York State Electric &amp; Gas Corporation (NYSEG)</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">The Berkshire Gas Company</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Central Maine Power Company, Inc.</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Energy East Corporation</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Iberdrola S.A.</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Connecticut Natural Gas Corporation</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80088960</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">86247516</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464092</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464052</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464093</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464262</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464090</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464091</fitch:companyid><pubDate>29 Jul 2009 06:32:00 EST</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020300</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020100</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020200</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01032200</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">425</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Full Rating Report</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">IBE</fitch:ticker><title>Credit Analysis: Energy East Corporation</title><description>Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/460546_report_frame</link><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">460546_report_frame</fitch:docid><guid isPermaLink="false">fitch/460546_report_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">pdf</fitch:index_mode><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Energy East Corporation</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">New York State Electric &amp; Gas Corporation (NYSEG)</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Iberdrola S.A.</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Connecticut Natural Gas Corporation</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Central Maine Power Company, Inc.</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Rochester Gas and Electric Corporation</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">The Berkshire Gas Company</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Southern Connecticut Gas Company</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464090</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80088960</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464052</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464091</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">86247516</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464092</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464093</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464262</fitch:companyid><pubDate>29 Jul 2009 06:32:00 EST</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01032200</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020200</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020300</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020100</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">425</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Full Rating Report</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">IBE</fitch:ticker><title>Credit Analysis: Central Maine Power Company</title><description>Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/460558_report_frame</link><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">460558_report_frame</fitch:docid><guid isPermaLink="false">fitch/460558_report_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">pdf</fitch:index_mode><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Energy East Corporation</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Central Maine Power Company, Inc.</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Connecticut Natural Gas Corporation</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Southern Connecticut Gas Company</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">The Berkshire Gas Company</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Iberdrola S.A.</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">New York State Electric &amp; Gas Corporation (NYSEG)</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Rochester Gas and Electric Corporation</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464090</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">86247516</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464093</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464091</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464262</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464092</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464052</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80088960</fitch:companyid><pubDate>29 Jul 2009 06:32:00 EST</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01032200</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020200</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020100</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020300</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">425</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Full Rating Report</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">IBE</fitch:ticker><title>Credit Analysis: Rochester Gas &amp; Electric Corporation</title><description>Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-Iberdrola_1H09_Good_Results_In_A_Tough_Market-86737</link><cs:docid xmlns:cs="http://www.alacra.com/cs">86737</cs:docid><guid isPermaLink="false">cs/86737</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">ArticleTemplate</cs:DS><cs:abstract xmlns:cs="http://www.alacra.com/cs">Iberdrola reported a solid set of results in a tough market and we maintain our Overweight fundamental view.</cs:abstract><cs:analyst xmlns:cs="http://www.alacra.com/cs">amoulder</cs:analyst><cs:analyst xmlns:cs="http://www.alacra.com/cs">fnicolas</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">iberdrola</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">rochester_gas_electric</cs:company><cs:country xmlns:cs="http://www.alacra.com/cs">es</cs:country><cs:csid xmlns:cs="http://www.alacra.com/cs">86737</cs:csid><pubDate>22 Jul 2009 08:08:00 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">86737</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">europe</cs:region><cs:region xmlns:cs="http://www.alacra.com/cs">united_states</cs:region><cs:sector xmlns:cs="http://www.alacra.com/cs">energy</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">utilities</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">electric</cs:sector><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">earnings</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">companies_withnvertibles</cs:tag><cs:tag xmlns:cs="http://www.alacra.com/cs">euro_markets_issuers</cs:tag><title>Iberdrola 1H09: Good Results In A Tough Market</title><cs:type xmlns:cs="http://www.alacra.com/cs">EarningsNote</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">Earnings Note</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">1581</cs:wcnum><description> Iberdrola #H##: Good Results In A Tough Market Iberdrola reported essentially in-line half year results with EBITDA rising by #% to â‚¬#.## billion and net income declining to â‚¬#.# billion after the non-recurrence of the capital...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/ccbn/T2319239</link><ccbn:docid xmlns:ccbn="http://www.alacra.com/ccbn">T2319239</ccbn:docid><guid isPermaLink="false">ccbn/T2319239</guid><ccbn:index_mode xmlns:ccbn="http://www.alacra.com/ccbn">norm</ccbn:index_mode><pubDate>22 Jul 2009 09:04:00 EST</pubDate><ccbn:eventid xmlns:ccbn="http://www.alacra.com/ccbn">2319239</ccbn:eventid><ccbn:headline xmlns:ccbn="http://www.alacra.com/ccbn">Final Transcript of IBE.MC earnings conference call or presentation, 22-Jul-09 9:30am CET</ccbn:headline><ccbn:name xmlns:ccbn="http://www.alacra.com/ccbn">Iberdrola</ccbn:name><ccbn:price xmlns:ccbn="http://www.alacra.com/ccbn">54.0000</ccbn:price><ccbn:revision xmlns:ccbn="http://www.alacra.com/ccbn">Final</ccbn:revision><ccbn:storetitle xmlns:ccbn="http://www.alacra.com/ccbn">Iberdrola Q2 2009 Earnings Presentation and Conference Call Transcript</ccbn:storetitle><ccbn:ticker xmlns:ccbn="http://www.alacra.com/ccbn">IBE.MC</ccbn:ticker><ccbn:time xmlns:ccbn="http://www.alacra.com/ccbn">9:30am CET</ccbn:time><title>Iberdrola Q2 2009 Earnings Presentation and Conference Call Transcript</title><ccbn:type xmlns:ccbn="http://www.alacra.com/ccbn">Transcript</ccbn:type><description>...Ignacio Galan Iberdrola - Chairman and CEO Jose Sainz Armada Iberdrola - CFO Wesley Von Shack Energy East - CEO Pedro Azagra Blazquez Iberdrola - Director of Development Amparo Moraleda Iberdrola - Member of Management Team International Nick Horler Iberdrola - CEO Scottish Power C O N F E R E N C E C A L L P A R T I C I P A N T S...

</description><category>Credit &amp; Investment Research</category><alacra:ip>Thomson StreetEvents</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/500440_pr_frame</link><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">500440_pr_frame</fitch:docid><guid isPermaLink="false">fitch/500440_pr_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">html</fitch:index_mode><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Iberdrola S.A.</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Energy East Corporation</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464052</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464090</fitch:companyid><pubDate>09 Jul 2009 02:17:00 EST</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01032200</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020200</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">85</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Press Release</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">IBE</fitch:ticker><title>Fitch Upgrades Energy East's IDR to 'BBB+' from 'BBB'</title><description>Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/research/creditsights-Euro_Utilities_Watts_Up_In_July-86202</link><cs:docid xmlns:cs="http://www.alacra.com/cs">86202</cs:docid><guid isPermaLink="false">cs/86202</guid><cs:index_mode xmlns:cs="http://www.alacra.com/cs">norm</cs:index_mode><cs:DS xmlns:cs="http://www.alacra.com/cs">ArticleTemplate</cs:DS><cs:abstract xmlns:cs="http://www.alacra.com/cs">Euro utility issuance was back with a vengeance in June, with over â‚¬10 billion of bond debt and â‚¬1.5 billion of new equity.</cs:abstract><cs:analyst xmlns:cs="http://www.alacra.com/cs">amoulder</cs:analyst><cs:analyst xmlns:cs="http://www.alacra.com/cs">fnicolas</cs:analyst><cs:company xmlns:cs="http://www.alacra.com/cs">kelda</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">endesa_sa</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">enel_spa</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">gas_natural_sdg_sa</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">iberdrola</cs:company><cs:company xmlns:cs="http://www.alacra.com/cs">centrica</cs:company><cs:country xmlns:cs="http://www.alacra.com/cs">gb</cs:country><cs:csid xmlns:cs="http://www.alacra.com/cs">86202</cs:csid><pubDate>09 Jul 2009 03:10:19 EST</pubDate><cs:ft xmlns:cs="http://www.alacra.com/cs">Yes</cs:ft><cs:postid xmlns:cs="http://www.alacra.com/cs">86202</cs:postid><cs:price xmlns:cs="http://www.alacra.com/cs">150</cs:price><cs:provider xmlns:cs="http://www.alacra.com/cs">CreditSights Inc</cs:provider><cs:region xmlns:cs="http://www.alacra.com/cs">europe</cs:region><cs:sector xmlns:cs="http://www.alacra.com/cs">utilities</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">other_energy</cs:sector><cs:sector xmlns:cs="http://www.alacra.com/cs">energy</cs:sector><cs:status xmlns:cs="http://www.alacra.com/cs">Published</cs:status><cs:tag xmlns:cs="http://www.alacra.com/cs">euro_markets_issuers</cs:tag><title>Euro Utilities: Watts Up In July</title><cs:type xmlns:cs="http://www.alacra.com/cs">EuroUtilitiesWattsUpReport</cs:type><cs:typew xmlns:cs="http://www.alacra.com/cs">European Utilities Watts Up</cs:typew><cs:wcnum xmlns:cs="http://www.alacra.com/cs">3939</cs:wcnum><description> Euro Utilities: Watts Up In July Real Euro utility news was pretty sparse in June, but the new issue market was the most active since January.

In June the Euro utilities issued over â‚¬## billion of bond debt and â‚¬#.# billion...</description><category>Credit &amp; Investment Research</category><alacra:ip>CreditSights</alacra:ip></item></channel></rss>