TEXT-S&P report on Australian Utilities

(The following statement was released by the rating agency)

Dec 3 - Adverse weather conditions continue to restrain the profit margins
and credit profile of Australia's utilities sector, according to a report
published today by Standard & Poor's Ratings Services, titled "Rain Eases
Pressure, But Australian Utilities Not Out Of The Woods Yet".

The report highlights the risks facing the industry resulting from the
ongoing drought conditions, and examines the fallout from the buoyant M&A
activity in the sector over the past six months. It also discusses the credit
implications of recent regulatory decisions on the sector, as well as our
concerns relating to the rising presence of listed funds in the market.

"Despite recent rain across parts of Australia, the lingering drought
remains a significant credit factor for the competitive generation and retail
segments of the nation's utilities industry," said Standard & Poor's credit
analyst Richard Creed. "Meantime, M&A activity in the utility infrastructure
sector shows no sign of abating and is at the forefront of factors shaping the
industry's creditworthiness."

The report is available on Ratings Direct, Standard & Poor's Web-based
credit analysis system, at www.ratingsdirect.com. Members of the media may
obtain copies of the full report by contacting Sharon Beach at (61)
3-9631-2152 or by E-mail at sharon_beach@standardandpoors.com.

Ratings are statements of opinion, not statements of fact or
recommendations to buy, hold, or sell any securities. Standard & Poor's
(Australia) Pty. Ltd. does not hold an Australian financial services license
under the Corporations Act 2001. Any rating and the information contained in
any research report published by Standard & Poor's is of a general nature. It
has been prepared without taking into account any recipient's particular
financial needs, circumstances, and objectives. Therefore, a recipient should
assess the appropriateness of such information to it before making an
investment decision based on this information.
(New York Ratings Team)