Research Update: Hongkong Electric Holdings Ltd., Hongkong Electric Co. Ltd. 'A+' Ratings Affirmed On Completion Of U.K. Acquisition Nov 10

Standard & Poors, November 2010

Abstract
A consortium including HEH completed the acquisition of U.K electricity distribution assets on Oct. 29, 2010. The acquisition is in line with HEH's stated acquisition strategy. The partly debt-funded acquisition will weaken the credit metrics at both HEH and HEC, but should remain supportive of the current ratings. We affirmed the 'A+' ratings on HEH and HEC, and the 'A+' issue ratings on HEC's guaranteed notes. We removed the ratings from CreditWatch with negative implications. The rating outlooks are stable. On Nov. 10, 2010, Standard & Poor's Ratings Services affirmed its 'A+' long-term corporate credit rating on Hongkong Electric Holdings Ltd. (HEH) and its 100%-owned subsidiary Hongkong Electric Co. Ltd. (HEC). The outlooks on the ratings are stable. At the...

Action: Affirmed
Action: Outlook: Stable

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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