MELBOURNE (Standard&Poor's) May 22, 2002--Standard&Poor's said today that its ratings and outlook on ETSA Utilities Finance Pty. Ltd. (ETSA Utilities Finance, single-'A'-minus/Stable/'A-2') and Powercor Australia LLC (single-'A'-minus/Positive/'A-2') remain unchanged following a recent outlook change in these two companies' ultimate parent, Hutchison Whampoa Ltd. (single-'A'/Negative/--), to negative from stable. The change in Hutchison Whampoa's outlook does not affect the rating or outlook on Cheung Kong Infrastructure Holdings Ltd. (single-'A'-minus/Stable/--), which owns 50% of both ETSA Utilities Finance and Powercor Australia LLC and 38.2% of Hong Kong Electric Holdings Ltd. (single-'A'-plus/Stable/--), which holds the remaining shares in these two companies. The ratings on both ETSA Utilities Finance and Powercor Australia LLC are related to the ratings on the
