Support from the CKI company. Monopoly position of incumbent network. Regulatory regime adds certainty and stability to cash flows. Aggressive capital structure. Modest cash flow coverages. Upcoming reset of regulated revenues. The ratings on ETSA Utilities Finance Pty Ltd. reflect Standard&Poor's view of support from the company's ultimate controlling owner, and the expected stability in cash flows from its parent owing to the regulated nature of its business and lack of competition. Offsetting its strengths are modest cash flow protection measures and high levels of gearing. ETSA Utilities Finance Pty Ltd. is the financing arm of and is wholly owned by ETSA Utilities Partnership (ETSA Utilities), which is the South Australian electricity distribution network business. ETSA Utilities guarantees
