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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

  • Published: 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 READ MORE >

- SSE PLC
- National Grid PLC

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