Research Update: E.ON U.K. Subsidiary Central Networks East Ratings On CreditWatch Negative On Potential Change In Ownership Structure

Standard & Poors, November 2010

Abstract
E.ON AG (E.ON) has announced that it is reviewing its strategic options for Central Networks East (CNE), a subsidiary of E.ON U.K. This could lead to a reassessment of our view of CNE's current core status within E.ON U.K. A possible change in CNE's ownership structure could lead to a more aggressive financial strategy and risk profile. We are placing our 'A' long-term and 'A-1' short-term corporate credit ratings on CNE on CreditWatch with negative implications. We aim to review the CreditWatch placement when we have more information about CNE's ownership structure. On Nov. 11, 2010, Standard & Poor's Rating Services placed its 'A' long-term and 'A-1' short-term corporate credit ratings on Central Networks East PLC (CNE) on CreditWatch with...

Companies mentioned in this report are: Western Power Distribution (East Midlands) PLC
Action: On CreditWatch:Negative

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.

Western Power Distribution (East Midlands) PLC

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