Standard&Poor's Ratings Services today affirmed its 'A-' corporate credit rating on ETSA Utilities Finance Pty. Ltd. (ETSA Finance). The affirmation follows today's announcement by Cheung Kong Infrastructure Holdings Ltd. (CKI; A-/Negative/--) that it will sell its 49% interest in ETSA Utilities Partnership (ETSA Utilities) into SPARK Infrastructure (SPARK, not rated). The rating affirmation is subject to execution of the structure as proposed. The rating on ETSA's fundamentally reflects ETSA Utilities' robust business profile; however, it does factor in some support for the majority 51% ownership by CKI and CKI's affiliate, Hongkong Electric Holdings Ltd. (HEH; A+/Stable/--), and commitment by all shareholders to maintaining minimum financial metrics and policies at ETSA Utilities on an ongoing basis. ETSA Utilties' rating
