Power prices across European markets have fallen more since the beginning of 2016 than we anticipated, reflecting weaker fuel commodity prices. This drop exacerbates what we view as structural changes, including a wider supply-demand gap and a challenging market design in Europe. European integrated utility companies' earnings over the next three years will likely be below our projections, and their business risk profiles may deteriorate. We are therefore taking mainly negative rating actions on the 16 parent companies of Europe-based utilities. We believe these factors could result in downgrades this year, depending on companies' response to the more difficult market environment. PARIS (Standard&Poor's) Feb. 26, 2016--Standard&Poor's Ratings Services said today it has taken rating actions on
