ScottishPower UK PLC and PacifiCorp 'A-' Rtgs Affirmed Following Southern Water Sale Proposal Mar 02
Standard & Poors, March 2002
Abstract
LONDON (Standard & Poor's) March 8, 2002--Standard & Poor's said today that it affirmed its single-'A'-minus long-term and 'A-2' short-term corporate credit ratings on the U.K.-based electricity utility ScottishPower group (ScottishPower) subsidiaries, ScottishPower U.K. PLC and PacifiCorp. The outlook on the group's subsidiaries is negative. The rating action follows ScottishPower's announcement that it has agreed to sell its U.K. water subsidiary Southern Water PLC for -2.05 billion ($2.9 billion), about -300 million more than expected. ScottishPower's proposal to either sell or refinance Southern Water has already been factored into the ratings. In addition, the single-'A'-minus ratings on Southern Water Services Ltd. are unchanged and remain on CreditWatch with negative implications, where they were placed on Feb. 13, 2001. "The ratings...
Companies mentioned in this report are: Scottish Power U.K. PLC,PacifiCorp,Southern Water Services Ltd.,Veolia Environnement S.A.
Action: Affirmed
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.
Scottish Power U.K. PLC,PacifiCorp,Southern Water Services Ltd.,Veolia Environnement S.A.
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