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13 Jun 1997
MOODY'S PLACES RATINGS OF PACIFICORP AND ITS SUBSIDIARIES, AND RATINGS OF EASTERN ELECTRICITY PLC AND PEABODY FINANCE LTD ON REVIEW FOR POSSIBLE DOWNGRADE
New York, 6/13/1997 -- Moody's Investors Service placed the credit ratings of PacifiCorp and those of its wholly-owned subsidiary PacifiCorp Holdings, Inc. (PHI) under review for possible downgrade. The ratings of PHI's subsidiaries, PacifiCorp Australia, LLC and PacifiCorp Financial Services, Inc. are also under consideration for downgrade as part of the review. Concurrently, Moody's placed the long-term and short-term ratings of Eastern Electricity plc, formerly Eastern Group plc and the short-term rating for commercial paper of Peabody Finance Ltd, formerly Peabody Australia Holding Ltd on review for possible downgrade. Moody's will examine the potential risks and benefits associated with today's announcement whereby PacifiCorp plans to acquire 100% of Energy Group plc, the parent company of Eastern and Peabody.
PacifiCorp and Energy Group announced that subject to obtaining necessary approvals, PacifiCorp would acquire all of Energy Group's common stock in a cash transaction. The estimated purchase price, including debt to be assumed or prepaid, is $9.6 billion. Moody's will examine PacifiCorp's plans to fund this transaction, including potential asset sales, as well as where and the extent to which additional borrowings might be used to fund a successful bid by PacifiCorp and the effects of such borrowings on the debt protection measurements of the entities under review. Moody's will also consider the potential benefits of this transaction for all the companies, including the possible synergies between Peabody Group's coal mining operations and PacifiCorp's large coal-fired electric generating operations and the energy marketing and trading operations within PacifiCorp and Energy Group.
Ratings under review are:
PacifiCorp -- A2 senior secured debt; A3 senior unsecured debt and counterparty rating; Baa1 junior subordinated debt; "a3" preferred stock and trust preferred stock; (P)A2/(P)A3/(P)Baa1/(P)"a3" global shelf registration; and Prime-1 commercial paper.
Utah Power & Light Co. (Backed by PacifiCorp) -- A2 senior secured; "a3" preferred stock.
PacifiCorp Holdings, Inc. -- Baa2 senior unsecured debt and Prime-2 commercial paper.
PacifiCorp Australia, LLC -- Baa1 Australian bank facility.
PacifiCorp Financial Services -- Baa3 senior medium-term notes.
Eastern Electricity plc -- A1 senior unsecured debt and Prime-1 commercial paper.
Peabody Finance Ltd -- Prime-2 commercial paper.
PacifiCorp is an electric utility, headquartered in Portland, Or. PacifiCorp Holdings, Inc., its subsidiary, is a diversified, Portland-based holding company whose interests include telecommunications, Australian-based electricity distribution, and independent power development and management businesses. PacifiCorp Australia LLC holds PacifiCorp's investment in Powercor, the largest of Victoria's electric distribution businesses, and its ownership interest in a coal-fired power plant. Its headquarters are in Melbourne, Victoria. PacifiCorp Financial Services, also based out of Portland, Or. is another of PHI's subsidiaries, which holds tax-advantaged investments in aircraft leases and affordable housing.
Eastern Electricity plc is the largest regional electricity company with significant interests in generation and supply. Its head office is in Ipswich, Suffolk, United Kingdom.
The Energy Group plc is a holding company, based in London, United Kingdom, which owns Eastern Electricity plc and the companies which comprise the Peabody Coal Group, which is the largest coal producer in the United States and has coal reserves in Australia.
Peabody Finance Ltd is a financial conduit.
No Related Data.
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