On Dec. 20, 2004, Standard&Poor's Ratings Services assigned its 'AAA' rating to the proposed A$300 million medium-term notes (MTN) maturing in 2015 to be issued by ETSA Utilities Finance Pty Ltd. (ETSA; A-/Negative/--). The notes will be issued in July 2005, and will be covered by Financial Security Assurance Inc. (AAA/Stable/--) financial guarantee. The proceeds of the MTN issue are expected to be used to refinance debt maturing in July 2005. The final rating on the notes is subject to issuance of the financial guarantee The ratings on ETSA Utilities Finance Pty Ltd. take into account support provided by the company's ultimate controlling owner, the monopoly position of its incumbent electricity distribution network, and a regulatory regime that
