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Avon Energy Partners, Subs Ratings Placed on Watch Dev Re: Shareholder Uncertainty Nov 02
Standard & Poors, Nov 2002
Abstract
NEW YORK (Standard & Poor's) Nov. 20, 2002--Standard & Poor's Ratings Services placed its ratings on Avon Energy Partners Holdings ('BBB') and its subsidiaries, Midlands Electricity PLC and GPU Power Networks (UK) PLC, on CreditWatch with developing implications. The CreditWatch placement for the U.K. electricity distribution group (collectively, AEPH) reflects the downgrade of majority shareholder, U.S.-based Aquila Inc., to 'BB', and the uncertainty over the group's new ownership structure in the short term. 'Aquila intends to sell the U.K. operations. However, until an actual sale has been finalized, the ratings on AEPH remain subject to the financial policy of its current shareholders,' said Standard & Poor's credit analyst Daniela Katsiamakis. Standard & Poor's expect to resolve the CreditWatch after a...
Companies mentioned in this report are: Avon Energy Partners Holdings,KCP&L Greater Missouri Operations Co.,WPD Midlands Holdings Ltd.,FirstEnergy Corp.,Western Power Distribution (West Midlands) PLC
Action: Downgraded, On CreditWatch Developing
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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