Scottish Power Ltd. Apr 10

Standard & Poors, April 2010

Abstract
Integrated core part of Iberdrola S.A., one of the world's leading utilities. Stable and predictable cash flows from regulated transmission and distribution operations. Vertically integrated electricity utility, with a good supply-demand balance. Flexible and diverse generation fleet. "Intermediate" financial risk profile of parent company. Regulatory reset risk applicable to the network business. High competition and price volatility in the U.K. generation and supply markets. The ratings on U.K.-based electricity and gas utility Scottish Power Ltd. and related entities (collectively, Scottish Power) reflect those on Scottish Power's parent, one of the world's leading utilities Iberdrola S.A. (A-/Stable/A-2). We view Scottish Power as a core, strategic part of the diversified Iberdrola group, which we understand is to provide for its U.K. subsidiary's...

Companies mentioned in this report are: Scottish Power Ltd.,Iberdrola S.A.,Scottish Power U.K. PLC,Scottish Power Energy Management Ltd.,Scottish Power Investments Ltd.,Scottish Power Energy Retail Ltd.,Scottish Power Generation Ltd.,SP Distribution Ltd.,SP Transmission Ltd.,SP Manweb PLC,Scottish Power Finance U.S.,Scottish Power U.K. Holdings Ltd.,Iberdrola Renewables Holdings Inc.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Scottish Power Ltd.,Iberdrola S.A.,Scottish Power U.K. PLC,Scottish Power Energy Management Ltd.,Scottish Power Investments Ltd.,Scottish Power Energy Retail Ltd.,Scottish Power Generation Ltd.,SP Distribution Ltd.,SP Transmission Ltd.,SP Manweb PLC,Scottish Power Finance U.S.,Scottish Power U.K. Holdings Ltd.,Iberdrola Renewables Holdings Inc.

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