RWE AG - Credit Update - 2009/10/29 - Fitch Research

Report title: RWE AG

from Fitch Research
2 page (1719 word) report published Oct 29, 2009

Price $165.00 available for immediate download

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...The Negative Outlook on RWE AG's (RWE) `A+' LongTerm IDR reflects the progressive increase in leverage as a result of the steady implementation of the EUR33bn debtfunded investment plan. A gradual deterioration in credit metrics has resulted from the completion of the Essent acquisition at endQ309, albeit at lowerthanassumed value, coupled with capex spending of EUR3.7bn in H109. Fitch Ratings estimates that pro forma consolidated net debt/EBITDA at yearend 2009 (YE09), including the fullyear EBITDA of Essent, would reach 1.6x, from 0.6x at YE08. Gross debt expanded, due to bonds issued yeartodate (EUR6.3bn) which refinanced the bridge loan granted for the Essent acquisition....

Report Type:

Credit Update

Company(ies):

RWE AG

Ticker(s):

RWE

Issuer:

RWE AG

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