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Avon Energy Partners Holdings Oct 01
Standard & Poors, Oct 2001
Abstract
The ratings on Avon Energy Partners Holdings (AEPH) and its core subsidiary Midlands Electricity PLC (Midlands), a monopoly U.K. electricity distributor in the West of England, reflect the predictable nature of Midlands' regulated distribution revenues and its improved business profile following the sale of its higher risk supply business in June 1999. The ratings are no longer supported by the rating on AEPH'S U.S.-based parent, GPU Inc., following the announcement of FirstEnergy Corp.'s (BBB/Stable/--) expected acquisition of GPU Inc., and the assignment of a 'BBB' corporate credit rating to the new FirstEnergy Corp. The CreditWatch notice, however, reflects the potential reduction in AEPH's credit quality if it is sold by FirstEnergy Corp. to U.S. utility Utilicorp United Inc. The sale...
Companies mentioned in this report are: Avon Energy Partners Holdings,WPD Midlands Holdings Ltd.,Western Power Distribution (West Midlands) PLC
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
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