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Avon Energy and Subsidiaries Rtgs Remain on Watch Neg After Regulator Imposes New Conditions Jan 03
Standard & Poors, Jan 2003
Abstract
LONDON (Standard & Poor's) Jan. 9, 2003--Standard & Poor's Ratings Services said today that the 'BB' long-term ratings on U.K.-based electricity holding company Avon Energy Partners Holdings (Avon Energy) are to remain on CreditWatch with negative implications, where they were placed on Dec. 24, 2002. The 'BBB-' long-term ratings on its subsidiaries, Midlands Electricity PLC (Midlands) and Aquila Networks PLC, are also to remain on CreditWatch with negative implications. The update follows the imposition by the regulator, the Office of Gas and Electricity Markets (OFGEM), of amendments to Aquila Networks' operating license conditions and limitations on cash transfers from network operations to any of its affiliates. The regulator's stance is in line with Standard & Poor's expectations. 'Although trapping cash...
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: CreditWatch Update
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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