Summary: Scottish and Southern Energy PLC Feb 04

Standard & Poors, February 2004

Abstract
The ratings on Scottish and Southern Energy PLC (SSE) and its subsidiaries reflect the predictable cash flows from the utility's regulated monopoly transmission and distribution businesses, its low-cost generation portfolio, its strong cost-cutting record, its strong financial profile, and its conservative financial policy. These strengths are offset by the exposure of operating profits to movements in wholesale prices, the risk of price cuts in electricity distribution by the U.K. electricity regulator from April 2005, and the risk of customer loss in the competitive electricity and gas retail market. SSE is the fifth-largest electricity and gas supplier in the U.K., with about 3.8 million electricity and 1.3 million gas customers at Dec. 31, 2003. The ratings on SSE are underpinned by...

Companies mentioned in this report are:
- SSE PLC

Action: Review

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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.

Scottish and Southern Energy PLC

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