...Fitch Ratings believes there have been only very limited changes to the fundamentals of the German energy landscape -- despite a dramatic decrease in energy demand, a redistribution of generation assets, acquisitions in the Stadtwerke segment, and the launch of incentivebased regulation. Fitch's view is that these dominant themes of 2009 will continue to have an affect on the sector's landscape in 2010, and that all the large players -- E.ON AG (`A'/Stable), RWE AG (`A+'/Negative), EnBW Energie BadenWuerttemberg AG (EnBW, `A'/Stable) and Vattenfall Europe AG, a subsidiary of Vattenfall AB (`A+'/Rating Watch Negative) -- will continue to retain their strong positions in their respective market segments and ratings. Fitch believes that the large rated German utilities continue to benefit from a relatively stable business environment in their domestic market, in what the agency considers to be a sector with low exposure to cyclical risks. Utilities remain relatively wellcushioned against the...
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