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RAB |
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As at 31 March 2003, consolidated net debt of AEPH was approximately GBP1,162m and the regulatory asset base ("RAB") of the distribution business was approximately GBP981m. To achieve these improvements, and consistent with our strategy, we will also make investments in our Regulatory Asset Base that contribute value. Standard & Poor's expects leverage to peak at about 40% (on a modified historical valuation taking into account the regulatory asset base as defined by the MMC) and, furthermore, would expect cash flow coverage ratios to be at about five times until at least early next century. |
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