...Negative Outlook Count Steady: 2015 saw an increased number of downgrades in the sector as EU-based integrated utilities continue to struggle with the energy transition and some ratings in Russia followed the sovereign downgrade. For 2016, ratings on Negative Outlook or Watch remain steady at just under 20%, with more downgrades likely among EU-based integrated players and utilities in Russia and Kazakhstan. Some networks in the UK are on Negative Outlook, but Fitch does not anticipate many downgrades in the networks segment overall. Iberia, Italy Faring Better: There are fewer ratings on a Negative Outlook in the UK, the Nordics and France, which follows a number of downgrades. We raised the sector outlook to stable from negative in Iberia, Italy and for the network in the UK as the new price controls are settling in. France, Poland, Kazakhstan Weaker: The sector outlook moved to negative in France reflecting the reduced tariff upside and the stronger push for renewables. The new government...
