On May 28, 2004, Standard&Poor's ratings services affirmed its 'A-' corporate credit rating on ETSA Utilities Finance Pty Ltd., the financing arm of ETSA Utilities Partnership (ETSA Utilities), which is the South Australian electricity distribution network business. ETSA Utilities' underlying business continues to perform well, with operational and financial performance for 2003 in line with expectations. Although the ratings stability is supported by a stable regulatory environment and market, ETSA Utilities faces a regulatory price reset in 2005. 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
