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BULLETIN: Aquila, Midlands Electricity, Avon Energy Ratings Unchanged by SSE Buyout Withdrawal Sep 03
Standard & Poors, Sep 2003
Abstract
LONDON (Standard & Poor's) Sept. 26, 2003--Standard & Poor's Ratings Services said today that the ratings on U.K. distribution network operator Aquila Networks PLC (BBB-/Watch Pos/A-3) and its holding companies, Midlands Electricity PLC (B/Watch Pos/--) and Avon Energy Partners Holdings (AEPH; CC/Watch Neg/--), remain unchanged following the decision by Scottish and Southern Energy PLC (SSE; AA-/Stable/A-1+) to withdraw from the acquisition process. The CreditWatch with positive implications on Aquila Networks and Midlands Electricity reflect the likelihood that they will ultimately be acquired by an entity with higher ratings, notwithstanding SSE's withdrawal. Their current owners, Aquila Inc. (B/Negative/--) and First Energy, are expected to continue to push for a sale. The CreditWatch with negative implications on AEPH reflects the strong possibility...
Companies mentioned in this report are: Western Power Distribution (West Midlands) PLC,KCP&L Greater Missouri Operations Co.,WPD Midlands Holdings Ltd.,Scottish and Southern Energy PLC,Avon Energy Partners Holdings
Action: S&P Event
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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