MELBOURNE (Standard&Poor's) Sept. 23, 2004--Standard&Poor's Ratings Services said today it has assigned its 'A-' long-term rating to the proposed US$387 million senior secured notes to be issued by ETSA Utilities Finance Pty Ltd. (ETSA; A-/Negative/--) in the U.S. via a private placement. The notes will be secured by a fixed and floating charge over the assets of ETSA and will rank equally with all other senior secured debt. The notes will be guaranteed by ETSA Utilities Partnership, and will be used to refinance existing debt and for general corporate purposes. The rating is subject to receipt and examination of final documentation. It is expected that the notes' tenor will range from 12 to 15 years. "The
