The 'A-' long-term corporate credit rating on ETSA Utilities Finance Pty Ltd., the financing arm of ETSA Utilities (collectively ETSA), benefits from one-level credit uplift for the undertakings of ETSA's majority owners-- Cheung Kong Infrastructure Holdings Ltd. (CKI; A-/Stable/--) and Hongkong Electric Holdings Ltd. (HEH; A+/Stable/--)--to maintain minimum financial metrics and policies on an ongoing basis. We view ETSA's stand-alone credit profile, without the parent support factor, as 'BBB+'. ETSA is the sole electricity distributor in the State of South Australia (AAA/Stable/A-1+). The 'BBB+' stand-alone credit rating on ETSA reflects our view of the company's high level of cash-flow certainty and stability, given that most of ETSA's income is derived from regulated distribution business. In our opinion, ETSA's regulated business
