The 'A-' long-term corporate credit rating on ETSA Utilities Finance Pty Ltd., the financing arm of ETSA Utilities (collectively ETSA), reflects our view of the group's natural monopoly electricity-distribution business and the benefits of an established regulatory framework that provides a high level of cash flow certainty and stability. Partially offsetting these factors are our opinion of the group's exposure to electricity demand risk, its high level of ongoing capital expenditure, and high level of gearing. ETSA's shareholding comprises 51% ownership by Cheung Kong Infrastructure Holdings Ltd. (CKI; A-/Stable/--) and its affiliate Power Assets Holdings Ltd. (Power Assets; A+/Stable/--), with the remaining 49% held by Spark Infrastructure Group (Spark; not rated). We have revised ETSA's standalone credit profile (SACP) to
