Standard&Poor's Ratings Services noted today that Aquila Inc.'s (BBB-/Negative/A-3) sale of its 70% ownership in UnitedNetworks Ltd., a New Zealand energy company, to Vector Ltd., will not immediately affect the current ratings or outlook on the company. Vector purchased the shares of UnitedNetworks that had been held by Aquila's UtiliCorp N.Z. Ltd. unit. Aquila's share of the net proceeds, estimated to be about $362 million, will be used to retire debt related to its acquisition of UnitedNetworks and other utilities in Australia, Canada, and the United Kingdom. The sale is a positive step toward reducing the company's debt and is part of Aquila's continuing plan of asset divestiture. However, the company still maintains an aggressive debt profile. Aquila
