S&P affirms Scottish Power

Standard & Poor's said it affirmed its A- long-term and A-2 short-term corporate credit ratings on Scottish Power plc and Scottish Power U.K. plc.

The outlook is stable.

The affirmation follows the group's announcement that it has signed an agreement to sell its U.S. subsidiary PacifiCorp to MidAmerican Energy Holdings Co. for $9.4 billion, including $5.1 billion in cash and the assumption of $4.3 billion in net debt and preferred stock.

The ratings are underpinned by cash flow from the group's regulated U.K. transmission and distribution business, S&P said.

These strengths are offset by an aggressive capital, the agency said.

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