On June 13, 2003, Standard&Poor's Ratings Services revised its outlook on the ratings on ETSA Utilities Finance Pty Ltd. (ETSA Utilities Finance) to negative from stable. The 'A-' long-term and 'A-2' short-term credit ratings on the company have been affirmed. The rating action follows a revision of the outlook on the ratings on ETSA Utilities Finance's controlling shareholder, Cheung Kong Infrastructure Holdings Ltd. (CKI, A-/—), to negative from stable. ETSA Utilities Finance is the financing arm of ETSA Utilities Partnership (ETSA Utilities), a South Australian electricity-distribution business. ETSA Utilities guarantees the debt issued by ETSA Utilities Finance. Although the business profile and financial performance of ETSA Utilities remains strong, the absence of effective ringfencing from CKI means the
