Summary: Scottish and Southern Energy PLC May 11

Standard & Poors, May 2011

Abstract
The ratings on U.K.-based energy utility Scottish and Southern Energy PLC (SSE) and its subsidiaries reflect the group's significant domestic market presence in electricity generation, distribution, and supply, and in gas distribution; strong, predictable cash flows from its regulated monopoly network businesses, which will likely contribute 30%-35% of operating profits over the medium term; and the group's success in consistently increasing customer numbers despite intense competition in the U.K. supply market. Further support for the ratings comes from what Standard & Poor's Ratings Services views as SSE's generally strong operational track record and its efficient and well-diversified generation fleet. These strengths are offset by the exposure of SSE's operating cash flows to movements in wholesale commodity prices, plant availability, and...

Companies mentioned in this report are:
- SSE PLC

Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Scottish and Southern Energy PLC

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