Fitch affirms Scottish Power

Fitch Ratings said it affirmed Scottish Power plc's senior unsecured BBB+ and short-term F2 ratings. Its U.K. subsidiary Scottish Power UK plc's ratings are also affirmed at senior unsecured A, reflecting guarantees from the company's principal operating subsidiaries, and short-term F2.

The outlook for both entities is stable.

The affirmations follow the announcement of the proposed sale of PacifiCorp Inc. (rated A-) to MidAmerican Energy Holdings Co. Inc. (rated BBB). The sale represents the latest in a series of transactions by electricity companies to unwind failed transatlantic investments, Fitch said.

Fitch said its assessment of the credit rating impact on MidAmerican and PacifiCorp will be released in the next 24 hours, after it has reviewed further details of the proposed structure and financing.

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