TEXT-S&P summary: Eneco Holding N.V.

(The following statement was released by the rating agency)

Nov 23 -

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Summary analysis -- Eneco Holding N.V. ---------------------------- 23-Nov-2012

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CREDIT RATING: A-/Stable/A-2 Country: Netherlands

Primary SIC: Holding

companies, nec

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Credit Rating History:

Local currency Foreign currency

27-Apr-2009 A-/A-2 A-/A-2

13-Jul-2005 A/A-1 A/A-1

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Issues:

Rating Rating Date

EUR1.5 bil med-term note Prog 05/15/2003: sr

unsecd A- 27-Apr-2009

EUR1.25 bil revolving credit fac due 10/13/2016

bank ln A- 14-Nov-2011

EURO CP prog auth amt EUR750 mil A-2 27-Apr-2009

Rationale

The ratings on Netherlands-based energy utility Eneco Holding N.V. and N.V. Eneco Beheer (collectively known as Eneco) reflect Standard & Poor's Ratings Services' view of Eneco's "strong" business risk profile and "intermediate" financial risk profile.

Our assessment of Eneco's business risk profile as "strong" is supported by the company's strong market position in the Dutch energy market as the monopoly owner and operator of regional electricity and gas distribution networks. The distribution network operator Stedin, which is the third-largest network operator in The Netherlands, accounts for over 60% of Eneco's annual EBITDA, providing relatively stable and predictable earnings. We consider that the company remains exposed to regulatory reset risk every third year, with the current regulatory period being 2011-2013.