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Avon Energy, Midlands Electricity Ratings Lowered to 'B'; Aquila Networks Ratings Affirmed Feb 03
Standard & Poors, Feb 2003
Abstract
LONDON (Standard & Poor's) Feb. 7, 2003--Standard & Poor's Ratings Services said today it lowered its long-term corporate credit ratings on U.K.-based electricity holding company Avon Energy Partners Holdings (Avon Energy) and its subsidiary, Midlands Electricity PLC (Midlands) to 'B' from 'BB' and 'BBB-' respectively. The ratings remain on CreditWatch, where they were placed on Nov. 20, 2002. At the same time, Standard & Poor's affirmed its 'BBB-' long-term and its 'A-3' short-term corporate credit ratings on the U.K. licensed distribution network operator Aquila Networks PLC and removed them from CreditWatch. The outlook for Aquila Networks is negative, reflecting uncertainty about its future ownership and capital structure. At the same time, the rating on the outstanding -150 million bond issue...
Companies mentioned in this report are: Avon Energy Partners Holdings,WPD Midlands Holdings Ltd.,Western Power Distribution (West Midlands) PLC
Action: Various Rating Actions
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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