Scottish and Southern Energy PLC Aug 11

Standard & Poors, August 2011

Abstract
Vertical integration, which provides a partial hedge to movements in energy prices. Strong and relatively stable cash flows underpinned by a significant contribution from regulated networks. Stable customer numbers in a highly competitive U.K. supply market. Low-cost and diverse generation portfolio. Exposure to movements in wholesale commodity prices, plant availability, and volumes. Negative discretionary cash flows due to large capital expenditure program and unchanged dividend growth policy. Project risks associated with on- and off-shore wind developments. The ratings on U.K.-based energy utility Scottish and Southern Energy PLC (SSE) and its subsidiaries reflect Standard & Poor's Ratings Services' view of the company's vertically integrated business model, which provides a partial hedge against energy price volatility; and its strong, predictable cash flows...

Companies mentioned in this report are:
- SSE PLC
- Southern Electric Power Distribution PLC
- SSE Generation Ltd.
- SSE Energy Supply Ltd.
- Scottish Hydro-Electric Transmission Ltd.
- Scottish Hydro-Electric Power Distribution 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.

Research Type: Full Analysis

- SSE PLC
- Southern Electric Power Distribution PLC
- SSE Generation Ltd.
- SSE Energy Supply Ltd.
- Scottish Hydro-Electric Transmission Ltd.
- Scottish Hydro-Electric Power Distribution Ltd.

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