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Scottish and Southern Energy 'AA-/A-1+' Ratings Placed on CreditWatch Negative After GDN Buy Aug 04 Product Image

Scottish and Southern Energy 'AA-/A-1+' Ratings Placed on CreditWatch Negative After GDN Buy Aug 04

  • ID: 1872682
  • August 2004
  • Region: Scotland
  • Standard & Poors

FEATURED COMPANIES

  • National Grid PLC
  • SSE PLC
  • MORE

Abstract
LONDON (Standard & Poor's) Aug. 31, 2004--Standard & Poor's Ratings Services said today it placed its 'AA-' long-term and 'A-1+' short-term ratings on Scottish and Southern Energy PLC (SSE) and its subsidiaries on CreditWatch with negative implications. The CreditWatch placement follows the announcement that a consortium in which SSE is a 50% stakeholder has successfully bid to acquire two local gas distribution networks (GDNs), for Scotland and South of England, from National Grid Transco PLC (A/Stable/A-1) for an enterprise value of £3,162 million ($5,668 million). SSE holds 50% of the buying consortium. The two other consortium members are Borealis Infrastructure Management Inc. and Ontario Teachers Pension Plan. "The CreditWatch placement reflects: the potentially negative effect on SSE's ratings of an...

Companies mentioned in this report are:
- SSE PLC
- National Grid PLC

Action: On CreditWatch:Negative

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
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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- SSE PLC
- National Grid PLC

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Note: Product cover images may vary from those shown

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