TEXT-S&P summary: RWE AG

Mon Aug 20, 2012 8:04am EDT

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(The following statement was released by the rating agency)

Aug 20 -

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Summary analysis -- RWE AG ---------------------------------------- 20-Aug-2012

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CREDIT RATING: BBB+/Stable/A-2 Country: Germany

Primary SIC: Electric Services

Mult. CUSIP6: 74975E

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Credit Rating History:

Local currency Foreign currency

27-Jul-2012 BBB+/A-2 BBB+/A-2

08-Jun-2011 A-/A-2 A-/A-2

03-Jun-2008 A/A-1 A/A-1

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Issues:

Guarantor(s) : RWE AG

Rating Rating Date

EUR30 bil med-term note Prog 03/26/2001: sr

unsecd BBB+ 27-Jul-2012

EUR750 mil 5.75% bnds due 02/14/2033 BBB+ 27-Jul-2012

EUR100 mil fltg rate nts due 11/15/2017 BBB+ 27-Jul-2012

JPY20 bil 3.31% reverse dual currency med-term

nts ser 11097 due 02/17/2040 BBB+ 27-Jul-2012

EUR1.75 bil var/fixed rate perp deferrable

hybrid BBB- 27-Jul-2012

CHF250 mil var/fixed rate resettable hybrid due

04/04/2072 BBB- 27-Jul-2012

GBP750 mil 7.00% nts due 03/20/2039 BBB- 27-Jul-2012

US$1 bil 7.00% (Including Temp ISIN

XS0783935645) hybrid due 10/12/2072 BBB- 27-Jul-2012

CHF150 mil 5.00% nts due 07/26/2072 BBB- 27-Jul-2012

GLOBAL CP prog auth amt US$5 bil A-2 08-Jun-2011

Rationale

The ratings on German power utility RWE AG continue to be underpinned by the group's leading position in power generation and supply in northwestern Europe, reasonable business and geographic diversity, and meaningful share of stable regulated earnings. In addition, Standard & Poor's Ratings Services views RWE's liquidity as strong and positively note the group's efforts to align its capital structure to match its future cash generation capacity and ongoing investment program.

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