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Limited Impact on China Utilities from COVID-19

China's recently announced power and gas tariff cuts for commercial and industrial (C&I) users to help them weather the coronavirus outbreak will have a limited credit impact on rated Chinese power and gas utilities.


More on the Coronavirus

China's New Subsidy Policy to Benefit Solar Farms

China's new policy on renewable subsidy distribution will help to accelerate solar farms' subsidy collection. The new policy requires subsidies be distributed to all eligible projects on a pro-rata basis, which will benefit those with below-average subsidy collection rates, defined as the ratio of received subsidies to total subsidies.

Webinar on Demand

UK Water – Final Price Determinations and Rating Pressure

Please join Maria Fassakhova, Senior Director and Steve Jun, Analyst in the EMEA Utilities & Transport team, for an update on the UK water sector and the final price determination announced on 16 December 2019. This live webinar will aim to assess the impact of this Ofwat ruling on the largest water utilities and their credit ratings. Listen now

Related Report:
UK Water Final Determinations Better than Draft but Rating Pressure Persists

Webinar on Demand

EMEA Utilities 2020 Outlook

Please listen to Josef Pospisil, Antonio Totaro, and Chris Moore for an update on the European Utilities sector, following the publication of Fitch’s 2020 Outlook report. The discussion focused on the UK, Spain, Italy, France and Germany.


Listen Now


Related Research: Fitch Ratings 2020 Outlook: EMEA Utilities

All Outlooks: Credit Outlooks 2020

outlooks 2020

APAC Utilities - Marginal Decline in Sector Leverage and Capex

Fitch Ratings expects a marginal decline in sector average leverage for Asia-Pacific (APAC) utilities in 2020, as growth in funds from operations outpaces the rise in debt. We expect sector median capex to come down from the previous peaks, but to remain high.


Related Report: 2020 Outlook: Asia-Pacific Utilities

View all Outlooks: Credit Outlooks 2020


Chilean Unrest: Challenges Ahead

On Demand

Join us for a webinar with the Latin America Ratings Group to discuss Chile’s ratings and the risks the protests pose to economic growth, the fiscal deficit and debt trajectory, and President Piñera’s reform agenda as well as the corporate, bank and insurance sectors in the country.

Register Now


Related: Chilean Unrest Has Mixed Effect on Corporate, Sovereign Credit

EU's High CO2 Prices to Accelerate Utilities' Transition

Fitch Ratings says the high carbon dioxide (CO2) price environment in the EU is mitigated by external and internal factors in the medium-term and thus rating-neutral to carbon-intensive utilities. However, it will accelerate the industry's transition in the longer-term when these mitigating factors disappear.

Latin America Power Overview

On the heels of its recently published report ‘Latin America Power Overview’, Fitch Ratings is hosting a webinar with the Latin America Corporate Ratings group.

Listen Now

China's Renewable Capacity Additions Recover after Policy Changes

New solar installation recovered in 2Q19 from the previous quarter, as solar projects approved in 2018 were required to start operations before July 2019 to qualify for higher feed-in tariff. Wind capacity additions, which were 58% higher in 2Q19 than a year earlier, are likely to maintain growth throughout the year.

Lower Renewable Capital Costs to Spur EU-US Deployment Race

Falling capital costs have made renewables competitive with other energy sources and should accelerate the pace of renewable adoption in both the EU and US. The EU has one of the world's highest shares of non-hydro renewables in its electricity generation mix, twice as high as the US's. The EU's consistent regulatory drive to grow renewable energy and the cheap and abundant natural gas in the US that competes with renewables are the main factors behind the different penetration.

Webinar on Demand

Fitch on UK Water: Pressure on Credit Quality Persists

Now Available On-Demand. Please listen now for an update on the UK Water sector and the AMP7 Process. This webinar aims to address the key questions around water utilities:

  • What is Fitch’s credit view on AMP7?
  • How will financial profiles evolve?
  • What are the main long-term debt serviceability considerations?
  • What could nationalisation mean for creditors?

Listen Now

Webinar on Demand

Utilities Regulation in Kazakhstan and Ukraine is Weaker Than in Georgia' Webcast

Now Available On-Demand. This webcast discusses Fitch’s view on the comparison of the regulatory environment for the generation and grid segments in different FSU (Former Soviet Union) countries, including Georgia, Kazakhstan and Ukraine and its impact on the earnings and ratings of FSU utilities.

Fitch WireUtility Regulation Is Key for Ratings in Ex-Soviet Countries


 Listen Now

Fitch Rates PG&E's $5.5 Billion DIP Facility 'BBB-'

Fitch Ratings has assigned a 'BBB-' rating to Pacific Gas & Electric Company's (PG&E) proposed $5.5 billion Debtor-in-Possession (DIP) revolving and term loan facility. A list of the facility's individual tranche ratings follows at the end of this release.

Europe Nuclear Generators Most Exposed to Large One-Off Costs

We analysed various actual and hypothetical events among European utilities, leading to large one-off costs and their financial and rating impact. Our analysis followed the bankruptcy filing by one of the largest US utilities, Pacific Gas & Electric Co., in January 2019, which has shaken the risk perception of the utilities sector in the US and led to a debate on whether similar bankruptcies could occur in Europe after extreme events.

Rating Criteria & Sector Companions

Master methodology covers financial adjustments and corporate structures. More details appear in sector-specific companions. 

Companions: APAC Integrated, APAC Regulated, Australia, EMEA Integrated, EMEA Regulated, LatAm, US.

Webinar On Demand

Utilities' Carbon Dioxide - Rising Cost Item for European Utilities

Fitch Ratings hosted a live webcast on utility companies’ CO2 cost exposure. The presentation addressed the current CO2 pricing environment, the relative exposure of companies and countries in Europe, and the potential credit rating implications for Fitch's portfolio.
Listen on Demand

Fitch Downgrades PG&E Corp and Utility Sub to 'BBB-' on Negative Watch

Fitch Ratings has downgraded PG&E Corporation's (PCG) and Pacific Gas and Electric Company's (PG&E) Long-Term Issuer Default Ratings (IDR) to 'BBB-' from 'BBB' and placed them on Rating Watch Negative. A full list of rating actions follows at the end of this release. 

Mixed Outlook for EMEA Nuclear

Energy policy uncertainties, along with very large upfront investment requirements and the declining cost of alternatives weigh on nuclear power. The sector's share in power mix in western Europe is likely to decline in the long term. 

rating action

Eskom Downgraded to 'BB-', Maintains RWN

The downgrade reflects the weakening liquidity of Eskom and uncertainty about its ability to meet its financial obligations in the short term. The RWN reflects the potential for further downgrade in case of lack of government's tangible support or improved liquidity. 

US Tax Bill Could Pressure Power Sector

Passing federal income tax reductions and returning excess accumulated deferred income taxes to customers through lower investor-owned utility rates could raise competitive pressures for public power and cooperatives, and be a credit negative for some corporate power issuers, including regulated utilities and utility holding companies.

Tax Reform Creates Near-term Credit Pressure for U.S. Utilities

The Tax Cuts and Jobs Act signed into law on Dec. 22, 2017 has negative credit implications for U.S. regulated utilities and utility holding companies over the short-to-medium term. A reduction in customer bills to reflect lower federal income taxes and return of excess accumulated deferred income taxes is expected to lower revenues and funds from operations (FFO) across the sector.


business enquiries

Jill Zelter

Global Group Head & North America

business enquiries

Anjali Sharma

Europe, Middle East, Africa

business enquiries

Kathleen Fuentes Holtzman

Latin America

business enquiries

Sing Chan Ng


Banker enquiries

Matthew de Mendonca

North America

Banker enquiries

Sean Costello

Europe, Middle East, Africa


Aymeric Poizot

Global Group Head & Europe, Middle East, Africa


Ian Rasmussen

North America


Frank Laurents

Latin America


Helen Wong



Shalini Mahajan

North America


Lucas Aristizabal

Latin America


Josef Pospisil

Europe, Middle East, Africa


Buddhika Piyasena


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