S&P affirms Edison

Standard & Poor's said it affirmed its BB+ long-term and B short-term corporate credit ratings on Edison SpA. At the same time, the agency said it removed the ratings from CreditWatch, where they were placed with negative implications on March 6. The outlook is positive.

The agency said it also affirmed its BB+ issue ratings on Edison's various debt instruments and removed them from CreditWatch negative. The 3 recovery rating on these instruments indicates an expectation of meaningful recovery in the event of a payment default.

S&P said the rating action follows the approval of Italy's stock-exchange watchdog Commissione Nazionale per le Societ‡ e la Borsa of the terms of Electricite de France SA's mandatory tender offer on Edison at an increased price of €0.89 per share. According to S&P the revised terms of Edison's shareholder restructuring were approved by the various stakeholders' boards of directors and the restructuring is expected be completed by May 31.

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