The rating on the SP AusNet Group is supported by the insulation from competitive pressures afforded by the natural monopoly positions of the company's electricity transmission and gas and electricity distribution networks; the stability and predictability of the regulatory regimes under which the utility operates; and the support of its 51% majority shareholder, Singapore Power Ltd. (SP; AA/Stable/--). These strengths are offset by the aggressive financial profile of the group and its exposure to volume risk under the regulated price cap regimes of its gas and electricity distribution networks. SP AusNet is the brand name (not the legal entity name) of the stapled entity consisting of: SP Australia Networks (Transmission) Ltd.--the holding company for SPI PowerNet Pty Ltd. (A/Stable/A-1), the...
Companies mentioned in this report are: SP AusNet Group
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