SYDNEY (Standard&Poor's) Dec. 15, 2011—Standard&Poor's Ratings Services said today that it has affirmed its 'A-' corporate credit rating on ETSA Utilities Finance Pty Ltd (ETSA). At the same time, we have revised the standalone credit profile (SACP) to 'a-' from 'bbb+'. The outlook on the corporate credit rating remains stable. As the SACP is now in line with the rating on ETSA's controlling shareholder, Cheung Kong Infrastructure Holdings Ltd. (CKI; A-/Stable/--), the rating on ETSA no longer receives a one-notch uplift from the parent. The SACP revision reflects our view that ETSA's cash flow coverage metrics will be sustainably stronger than its funds from operation (FFO)-to-interest and FFO-to-debt policy limits. We consider that ETSA's favorable regulatory
