Summary: Envestra Ltd. Nov 11

Standard & Poors, November 2011

Abstract
The ratings on Envestra Ltd. reflect our view of the group's natural-monopoly Australian gas-distribution networks, which are spread mainly over the Australian states of Victoria, South Australia, and Queensland. Also underpinning the ratings are the stable and simple operations, as well as the transparent and established regulatory regimes that we consider to be supportive of Envestra's business. Partially offsetting these strengths are Envestra's aggressive financial profile, exposure to volumetric risk and upcoming regulatory reset risk in relation to its Victorian network. Standard & Poor's Ratings Services views Envestra's business profile as "excellent", predominantly based on Envestra's natural-monopoly operations and the high economic barriers to entry for alternate providers. Its large and diversified retail customer base supports revenue stability, with 96%...

Companies mentioned in this report are:
- Envestra Ltd.

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.

- Envestra Ltd.

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