On July 12, 2007, Standard&Poor's Ratings Services placed its 'A-' long-term credit ratings on CitiPower Trust (CitiPower), Powercor Australia, LLC (Powercor), and ETSA Utilities Finance Pty Ltd. (ETSA) on CreditWatch with negative implications. Standard&Poor's is reassessing the level of parental support provided to CitiPower, Powercor, and ETSA by their majority owners Cheung Kong Infrastructure Holdings Ltd. (CKI; A-/Negative/-) and Hongkong Electric Holdings Ltd. (HEH; A+/Stable/--). The 'A-' ratings on CitiPower, Powercor, and ETSA benefit from the strength of the major shareholders, CKI and HEH, which are considered to have the ability, willingness, and commitment to maintain a credit profile of these three Australian utilities commensurate with the current rating. However, the benefit of majority ownership may
