The ratings on ETSA Utilities Finance Pty Ltd. reflect Standard&Poor's view of support from the company's ultimate controlling owner, and the expected stability in cash flows from its parent owing to the regulated nature of its business and lack of competition. Offsetting its strengths are modest cash flow protection measures and high levels of gearing. ETSA Utilities Finance Pty Ltd. is the financing arm of and is wholly owned by ETSA Utilities Partnership (ETSA Utilities), which is the South Australian electricity distribution network business. ETSA Utilities guarantees the debt issued by ETSA Utilities Finance and the rating on ETSA Utilities Finance is based on the consolidation of all entities within the ETSA Utilities group. The underlying credit quality
