Fitch makes Dutch Unbundling warning

Fitch Ratings has warned that unbundling in the Dutch energy sector will likely change underlying risk profiles profoundly.

The agency expects the credit profiles of generation and supply businesses to be weaker than those of the current vertically integrated groups, as they are exposed to earnings volatility.

"Network businesses will retain strong credit profiles, provided they are funded conservatively and the regulatory framework remains forthcoming," says Fitch.

Potential advantages of the

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