September 28, 2012 / 10:01 AM / 5 years ago

TEXT-S&P summary: CLP Holdings Ltd.

(The following statement was released by the rating agency)

Sept 28 -

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Summary analysis -- CLP Holdings Ltd. ----------------------------- 28-Sep-2012

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CREDIT RATING: A-/Stable/A-2 Country: Hong Kong

Primary SIC: Electric Services

Mult. CUSIP6: 18946Q

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Credit Rating History:

Local currency Foreign currency

26-Jun-2008 A-/A-2 A-/A-2

26-May-2005 A/A-1 A/A-1

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Rationale

The rating on CLP Holdings Ltd. primarily reflects the strength of the group’s main asset, CLP Power Hong Kong Ltd. (A/Stable/A-1; cnAA+/cnA-1), a vertically integrated power company in Hong Kong. CLP Power operates in a stable and favorable regulatory environment, has a de facto monopoly in its service area, and has strong financial flexibility. Nevertheless, CLP Holdings’ expanding Asia-Pacific power investments temper the strengths that CLP Power brings to the parent. These investments have increased CLP Holdings’ business and operating risks while weakening its credit protection measures.

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