Summary: ETSA Utilities Finance Pty Ltd. Jun 11
Standard & Poors, June 2011
Abstract
The 'A-' long-term corporate credit rating on ETSA Utilities Finance Pty Ltd., the financing arm of ETSA Utilities (collectively ETSA), benefits from the Australian-based utility's majority ownership by the higher rated Cheung Kong Infrastructure Holdings Ltd. (CKI; A-/Stable/--) and Power Assets Holdings Ltd. (PAH; formerly known as Hong Kong Electric Holdings Ltd.; A+/Stable/--), and an undertaking by CKI and PAH to maintain minimum financial metrics and policies at ETSA. ETSA is the monopoly electricity distributor in the state of South Australia (AAA/Stable/A-1+), and we view its stand-alone credit profile to be 'bbb+'. This reflects our view of the company's high level of cash-flow certainty and stability, given that most of ETSA's income is derived from a regulated distribution business. In...
Companies mentioned in this report are: ETSA Utilities Finance Pty Ltd.
Action: Review
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.
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.
ETSA Utilities Finance Pty Ltd.
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