The rating on ETSA Utilities Finance Pty Ltd (ETSA Finance), the wholly owned financing arm of ETSA Utilities Partnership (ETSA Utilities), reflects the support provided by the company's ultimate controlling owner, the Hong Kong-based infrastructure development holding company Cheung Kong Infrastructure Holdings Ltd. (CKI: A-/Negative/--). ETSA Utilities guarantees the debt issued by ETSA Finance, with the rating on ETSA Finance based on the consolidation of all entities in the ETSA group. The underlying rating of ETSA Finance is solid, reflecting ETSA Utilities monopoly business position, and a supportive regulatory regime. Offsetting these strengths are the high levels of gearing and modest cash flow protection measures. ETSA Finance's rating is aligned with that of CKI due to the strong operational and
