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Summary: Northern Ireland Electricity Ltd. Jun 11
Standard & Poors, June 2011
Abstract
The ratings on Northern Ireland Electricity Ltd. (NIE) reflect those of its parent, Electricity Supply Board (ESB; BBB+/Stable/A-2), an integrated utility predominantly operating in the Republic of Ireland (BBB+/Stable/A-2) and Northern Ireland. In Standard & Poor's Ratings Services' view, NIE is an integrated subsidiary of ESB, in line with our criteria on parent-subsidiary links (see 'Corporate Criteria--Parent/Subsidiary Links; General Principles; Subsidiaries/Joint Ventures/Nonrecourse Projects; Finance Subsidiaries; Rating Link to Parent '). ESB owns 100% of NIE. We believe that NIE is of high strategic importance to ESB, and that the subsidiary represents a core part of the ESB group. NIE contributes about 20% of ESB's regulated EBITDA, which is an important underlying factor for ESB's strong business risk profile. NIE and...
Companies mentioned in this report are: Northern Ireland Electricity Ltd.,Electricity Supply Board
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.
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