Supportive majority owner with a strong credit profile Monopolistic electricity-distribution network operation in South Australia High level of cash flow certainty and stability, with majority of revenue from regulated operations High levels of capital expenditure planned under a 'significant' financial profile Modest cash-flow coverage The 'A-' long-term corporate credit rating on ETSA Utilities Finance Pty Ltd., the financing arm of ETSA Utilities (collectively ETSA), benefits from one-level credit uplift for the undertakings of ETSA's majority owners-- Cheung Kong Infrastructure Holdings Ltd. (CKI; A-/Stable/--) and Hongkong Electric Holdings Ltd. (HEH; A+/Stable/--)--to maintain minimum financial metrics and policies on an ongoing basis. We view ETSA's stand-alone credit profile, without the parent support factor, as 'BBB+'. ETSA is the sole electricity distributor in
