S&P puts CLP on watch

Standard & Poor's said it placed its A- long-term corporate credit rating on CLP Holdings Ltd. on Creditwatch with negative implications.

The agency said it also placed the A long-term corporate credit rating on CLP Power Hong Kong Ltd. and the ratings on all the issues and the MTN program of CLP Power Hong Kong Financing Ltd., guaranteed by CLP Power, on Creditwatch with negative implications.

"We placed the ratings on Creditwatch following the Dec. 15 announcement that CLP Holdings Ltd.'s wholly owned subsidiaries TRUenergy Development Pty Ltd. and TRUenergy Pty Ltd. (BBB/stable) have won the bid to buy certain state-owned energy assets of the New South Wales (NSW; AAA/stable/A-1+) state government of Australia," said S&P credit analyst Joe Poon.

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