Monopoly electricity network distribution business in South Australia Operations under a stable and established regulatory framework; No exposure to volume risk henceforth Efficient and simple operations, but expansive service area Exposure to some level of unregulated services Stable and reliable cash flows with visibility to 2020 Modest debt to regulated asset base (RAB) of 75% High capital-expenditure profile Our 'A-' rating on ETSA Utilities Finance Pty Ltd. (ETSA), the financing arm of SA Power Networks (SAPN),) is derived from an anchor score of 'a' and a one-notch downward adjustment. The downward adjustment is due to our expectation that the company's capital structure and dividend policy will be reassessed after the final regulatory decision in October 2015. We also believe that
