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
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
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Research type: News
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