We have affirmed the 'A-' corporate credit rating on Australian entity ETSA Utilities Finance Pty Ltd (ETSA). We expect ETSA to maintain stronger cash flow metrics due to a favorable regulatory outcome and its commitment to lower its debt-to-regulatory asset base (RAB) metric to 75% by 2015 We have revised the standalone credit profile (SACP) of ETSA to 'a-' from 'bbb+' Following the strengthening of the SACP to 'a-', ETSA's 'A-' long term rating is no longer reliant on one-notch parent support from its controlling shareholder. On Dec. 15, 2011, Standard&Poor's Ratings Services affirmed its 'A-' corporate credit rating on ETSA Utilities Finance Pty Ltd (ETSA). At the same time, we revised the standalone credit profile (SACP) to
