Monopoly electricity network distribution business in South Australia Operations under a stable and established regulatory framework Efficient and simple operations, but expansive service area Exposure to some level of unregulated business Stable and reliable cash flows with visibility to 2020 Modest debt to regulated asset base (RAB) of 75% High capital-expenditure profile The stable outlook on ETSA Utilities Finance Pty. Ltd. (and its parent SA Power Networks, SAPN) reflects the company's stable regulated cash flows until June 2020 following the regulatory reset last year and our expectation of no material change to its unregulated activities. These factors should result in ETSA's funds from operations (FFO) to debt being in the range of 13%-14%. We do not expect this metric to
