Monopoly electricity distribution network operation in South Australia High level of cash flow certainty and stability due to regulated operations A supportive majority owner and an undertaking from all shareholders to maintaining minimum financial metrics consistent with current ratings An aggressive capital structure Modest cash flow coverage The 'A-' long term rating on ETSA Utilities Finance Pty Ltd, and therefore ETSA utilities, reflects the above strengths and weaknesses. ETSA utilities finance is the financing arm of ETSA Utilities (ETSA), the sole electricity distributor in the State of South Australia. The rating fundamentally reflects ETSA's sound business and moderate finances. However, it does factor in some support for the direct majority (51%) ownership by Cheung Kong Infrastructure Holdings Ltd. (CKI; A-/Negative/--)
