FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                            Report of Foreign Issuer


                      Pursuant to Rule 13a-16 or 15d-16 of
                       the Securities Exchange Act of 1934


                               September 23, 2004


                               BRITISH ENERGY PLC
                               (Registrant's name)


                               3 Redwood Crescent
                                    Peel Park
                              East Kilbride G74 5PR
                                    Scotland
                    (Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.

                          Form 20-F..X.. Form 40-F.....

Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                               Yes ..... No ..X..

If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b):



                                 Exhibit Index

The following document (bearing the exhibit number listed below) is furnished
herewith and is made a part of this Report pursuant to the General Instructions
for Form 6-K:

Exhibit       Description

No. 1         RNS Announcement, re: New Bonds Rating dated 23 September 2004





23 September 2004


                            British Energy plc

             Announcement of Indicative Ratings for New Bonds


British Energy plc ("the Company") has been in discussions with Fitch Ratings,
Moody's Investor Services and Standard & Poor's Rating Services ("the Rating
Agencies") with regard to obtaining credit ratings for the GBP550 million of New
Bonds that are to be issued to certain of the Company's creditors and to the
Nuclear Liabilities Fund Limited upon completion of the Agreed Restructuring
pursuant to the terms announced on 1 October 2003.

Preliminary discussions were held with the Rating Agencies last year in advance
of agreement on the terms of the Agreed Restructuring and it was stated in the
announcement made on 1 October 2003 that one rating agency had provided an
indicative rating for the New Bonds of investment grade and two rating agencies
had provided indicative ratings at non-investment grade.

The rating agencies have updated their analysis and all three agencies have now
provided indicative non-investment grade ratings for British Energy.

These ratings remain prospective and indicative and are subject to the
restructuring being completed in its proposed form in accordance with the
assumptions that have been provided to the agencies for the purpose of the
indicative prospective rating assessment.  These ratings will only be finalised
when the New Bonds are issued upon completion of the Agreed Restructuring.

A summary of the terms of the New Bonds is included in the Company's
announcement of 1 October 2003.

The Agreed Restructuring and, therefore, the issuance of the New Bonds remain
subject to a large number of significant uncertainties and important conditions.
If the Agreed Restructuring is implemented, the return, if any, to existing
shareholders will represent a very significant dilution of their existing
interests. If for any reason British Energy is unable to implement the propose
restructuring, it may be unable to meet its financial obligations as they fall
due and may have to take appropriate insolvency proceedings. In this case, the
distributions to the unsecured creditors (including Bondholders, RBS, the
Significant Creditors and BNFL) may represent only a small fraction of their
unsecured liabilities and there is highly unlikely to be any return to
shareholders.


Note:

These ratings do not apply to the additional GBP150 million of bond-equivalent
payments that will be issued to certain lenders to Eggborough Power Limited
through the Amended Credit Agreement, which will not be rated



Contacts:

Andrew Dowler                    020 7831 3113        (Media Enquiries)
John Searles                     01355 26 2202        (Investor Relations)



Find this News Release on our web-site: www.british-energy.com





                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


Date:  September 23, 2004                  BRITISH ENERGY PLC

                                           By:____John Searles____

                                           Name:  John Searles
                                           Title: Director - Investor Relations