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S&P's Scottish Power ratings unaffected
Standard & Poor's said its ratings and outlook on Scottish Power plc (A-/stable/A-2) and its subsidiary Scottish Power U.K. plc (A-/stable/A-2) are unaffected by the sale of U.S. subsidiary PacifiCorp (A-/stable/A-2) to MidAmerican Energy Holdings Co. (A-/stable).
Scottish Power concluded the disposal for a consideration of $5.1 billion in cash and the assumption of $4.3 billion in net debt and preferred stock. The company plans to return £2.25 billion of the proceeds to shareholders.
The sale of PacifiCorp and the proposed return of capital are in line with S&P's expectations and had already been factored into the ratings, the agency said.
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