Fitch rates Scottish Power notes BBB+

Fitch Ratings said it assigned Scottish Power plc's $550 million notes due 2010, $600 million notes due 2015 and $350 million notes due 2025 expected ratings of BBB+.

The ratings of Scottish Power are BBB+/F2 with a stable outlook. The notes will be the first to be issued under the group's new $4 billion SEC-registered shelf and the first senior debt issuance by Scottish Power.

The proceeds from the notes will be used to fund the group's sizeable capital expenditure program.

Fitch said the ratings reflect the acceptance of Ofgem's distribution price control review, which set the prices to be charged by the regulated electricity distribution subsidiaries for the five years from April 2005.

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