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S&P lifts Energy Partnership
S&P said it raised the issuer credit rating on Energy Partnership (Gas) Pty Ltd. to BBB from BBB- following completion of the acquisition by a consortium led by Cheung Kong Infrastructure Holdings Ltd.
The outlook is stable.
S&P also said it raised the underlying issue ratings on all of the company's outstanding senior unsecured debt to BBB, from BBB-.
The agency also said it removed all of the ratings from CreditWatch with positive implications, where they were placed in January.
The upgrades reflect the benefit of ultimate ownership and control by a stronger parent, the consortium led by Cheung Kong Infrastructure, S&P said.
In addition, the agency said it expects the group to either maintain or strengthen Energy Partnership's financial profile, the agency said.
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