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ScottishPower Rtg on S&PWatch;Acquisitn Bid Announcd May 96
Standard & Poors, May 1996
NY -- Standard & Poor's CreditWire 5/28/96 -- Standard & Poor's today has placed its `A-1'-plus short-term rating of ScottishPower PLC on CreditWatch with negative implications. The CreditWatch placement follows today's announcement by ScottishPower that it wishes to take over Southern Water PLC (unrated) -- the U.K. regional water company. This move acknowledges uncertainties concerning the financial and operational implications for ScottishPower if successful in its bid. Standard & Poor's recognizes that the funding of such a takeover, particularly if the cash alternative were to be sought by a large percentage of Southern Water's shareholders, may lead to weaker debt servicing capacity than would be consistent with its current rating. ScottishPower's current short-term rating reflects business diversity, operational strengths, stable...
Companies mentioned in this report are: Scottish Power U.K. PLC
Action: New Rating
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.
Research type: News
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Scottish Power U.K. PLC