Fitch affirms Scottish Power

Fitch Ratings said it affirmed Scottish Power Ltd. and Scottish Power UK plc's long-term issuer default ratings at A-, along with both senior unsecured ratings at A and short-term issuer default ratings at F2.

The outlook is stable.

Both companies pool cash with Scottish Power's parent Iberdrola, Fitch said, and rely upon it for liquidity. The agency said it downgraded Iberdrola's long-term issuer default rating to A- with a stable outlook from A with a negative outlook.

Scottish Power UK is rated on a stand-alone basis, although liquidity support from Iberdrola is factored in to its rating, the agency said. Its ratings are strengthened by its regulated businesses, which provide half of its operating profit, the agency said.

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