Strong ownership support; The incumbent electricity distribution network's monopoly position in South Australia; and The high level of certainty and stability for cash flows derived from the regulatory framework. An aggressive capital structure; and Modest cash flow coverage. The rating on ETSA Utilities Finance Pty Ltd (ETSA Finance), the wholly owned financing arm of ETSA Utilities Partnership (ETSA Utilities), reflects the support provided by the company's ultimate controlling owner, the Hong Kong-based infrastructure development holding company Cheung Kong Infrastructure Holdings Ltd. (CKI: A-/Negative/--). ETSA Utilities guarantees the debt issued by ETSA Finance, with the rating on ETSA Finance based on the consolidation of all entities in the ETSA group. The underlying rating of ETSA Finance is solid, reflecting ETSA Utilities
