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Moody’s could downgrade E.ON
Moody's Investors Service said it placed the Baa2 senior unsecured ratings of E.ON SE and its guaranteed subsidiary E.ON International Finance BV on review for downgrade.
The group's P-2 short-term ratings were also placed on review for downgrade.
Moody’s said the review was prompted by the March 12 announcement that: (a) E.ON had agreed with RWE AG to acquire RWE's stake in innogy SE as part of a wide-ranging exchange of assets; and (b) E.ON intends to launch a public takeover offer for the remaining innogy shares at a total value of €40 per share, corresponding to a cash consideration of around €5.2 billion for the shares not currently owned by RWE.
“The complex transaction, if concluded, will result in a material shift in E.ON's business and financial risk profile and the ratings review will consider the likely overall effect of multiple credit positive and credit negative elements,” the agency said in a news release.
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