Singapore Power Ltd. Sep 06

Standard & Poors, September 2006

Abstract
Natural monopoly in key businesses. Some degree of geographic and business diversity. Expected shareholder and government support. Intermediate financial profile. Singapore Power Ltd. (SingPower) generated operating revenue of Singapore dollar (S$) 4.84 billion (US$3.08 billion), net income of S$1.32 billion and funds from operations (FFO) of S$1.55 billion in fiscal 2006. This was mainly through its core electricity and gas transmission and distribution businesses in Singapore (through 100%-owned SP PowerAssets [SPPA, AA/Stable/--]) and Australia (through 51%-owned SP AusNet [A/Stable/--]). SingPower also owns a number of smaller companies providing electricity billing services and power generation in South Korea. The rating on SingPower is based on the following strengths: Natural monopoly in key businesses. About 93% of SingPower's businesses are natural monopolies...

Companies mentioned in this report are: Singapore Power Ltd.,SPI Electricity Pty Ltd.,SPI Australia Holdings (Partnership) L.P.,SPI PowerNet Pty Ltd.,SPI Australia Finance Pty Ltd.,SP PowerAssets Ltd.,SPI Electricity & Gas Australia Holdings Pty Ltd.,SP AusNet Group
Action: Review

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Research Type: Full Analysis

Singapore Power Ltd.,SPI Electricity Pty Ltd.,SPI Australia Holdings (Partnership) L.P.,SPI PowerNet Pty Ltd.,SPI Australia Finance Pty Ltd.,SP PowerAssets Ltd.,SPI Electricity & Gas Australia Holdings Pty Ltd.,SP AusNet Group

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