Summary: United Energy Distribution Holdings Pty Ltd. and United Energy Distribution Pty Ltd. Jun 08
- ID: 1857552
- June 2008
- Standard & Poors
The ratings on Australian utilities United Energy Distribution Holdings Pty Ltd. (UEDH) and United Energy Distribution Pty Ltd. (UED) reflect the group's natural-monopoly electricity-distribution business and the high degree of cash-flow certainty it derives through the industry's transparent regulatory regime. Also underpinning the ratings is the low operational risk of the group's distribution network. Somewhat offsetting these strengths are a forecast weakening in financial metrics due to potential substantial capital works, the group's opaque financial policies, and exposure to the risk appetite of its shareholders. UEDH is the holding company of UED, which is owned by DUET Group (66%, BBB-/Stable/--) and, upon consent, SPI (Australia) Assets Pty Ltd. (34%, SPIAA; not rated), an 100% indirectly owned subsidiary of Singapore Power...
Companies mentioned in this report are: United Energy Distribution Holdings Pty Ltd.,United Energy Distribution Pty Ltd.,DUET Group
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