Monopolistic electricity-distribution network operation in South Australia High level of cash flow certainty and stability, with majority of revenue from regulated operations Simple assets and operations High levels of capital expenditure planned Exposure to electricity demand risk High level of gearing The 'A-' long-term corporate credit rating on ETSA Utilities Finance Pty Ltd., the financing arm of ETSA Utilities (collectively ETSA), reflects our view of the group's natural monopoly electricity-distribution business and the benefits of an established regulatory framework that provides a high level of cash flow certainty and stability. Partially offsetting these factors are our opinion of the group's exposure to electricity demand risk, its high level of ongoing capital expenditure, and high level of gearing. ETSA's shareholding comprises
