On Oct. 11, 2007, Standard&Poor's Ratings Services affirmed its 'A-' corporate credit ratings on Australian power-distribution companies Citipower Trust (CitiPower), Powercor Australia, LLC (Powercor), and ETSA Utilities Finance Pty Ltd. (ETSA Utilities Finance), and removed them from CreditWatch with negative implications, where they were placed on July 12, 2007. The outlooks on these three companies are stable. This rating action followed a Standard&Poor's review of the support provided to these companies by their majority owners Cheung Kong Infrastructure Holdings Ltd. (CKI; A-/Stable/--) and Hongkong Electric Holdings Ltd. (HEH; A+/Stable/--). Spark Infrastructure Group (Spark; not rated) owns the remaining 49% of the three Australian utilities. Our review found that the ratings on CitiPower, Powercor, and ETSA are
