E.ON's (EONGY.PK) €3B impairment charge bomb yesterday looks ugly, but can't be a total surprise and might be the sort of "kitchen sink" operation that assures the news can only get better in 2012 and beyond, says the group at CreditSights. Germany's largest utility, it is off 27% YTD, and yields 9.7%. Another German utility, RWE (RWEOY.PK) is off 47% YTD, and yields 14.5%.
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