Moody's cuts some CLP Holdings, unit ratings

Moody's Investors Service said it downgraded the local currency issuer rating to A1 from Aa2 of CLP Holdings Ltd. and to Aa3 from Aa1 of CLP Power Hong Kong Ltd., the 100%-owned regulated utility of CLP Holdings.

At the same time, Moody's has confirmed CLP Holding's A1 foreign currency issuer rating and affirmed CLP Power's A1 foreign currency debt rating.

These rating actions follow CLP Holdings completing the acquisition of the Australian merchant energy business from SPI Australia Group, a subsidiary of Singapore Power Ltd. The outlook is stable.

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