Singapore Power Ltd. Dec 10

Standard & Poors, December 2010

Abstract
Natural monopoly in key businesses. Relative geographic and business diversity. High likelihood of extraordinary government support. Significant financial risk profile. The corporate credit rating on Singapore Power Ltd. (SingPower) reflects the company's consolidated credit profile and that of its subsidiaries, including fully-owned SP PowerAssets Ltd. (SPPA; AA-/Stable/--; ASEAN regional scale: axAAA/--/--) and SPI (Australia) Assets Pty Ltd. (SPIAA; A-/Stable/--), and 51%-owned SP AusNet Group (local currency A-/Stable/--). The subsidiaries benefit from full or majority ownership and the strategic direction of SingPower. Any changes to the rating on SingPower are therefore likely to affect the ratings on SPPA, SP AusNet and SPIAA. The following strengths support the rating on SingPower: Monopoly in key businesses. SingPower's core electricity and gas transmission and...

Companies mentioned in this report are: Singapore Power Ltd.,Jemena 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.,SPI Networks (Gas) Pty Ltd.,SPI Networks Pty Ltd.,SP AusNet Group,SPI (Australia) Assets Pty Ltd.
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Singapore Power Ltd.,Jemena 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.,SPI Networks (Gas) Pty Ltd.,SPI Networks Pty Ltd.,SP AusNet Group,SPI (Australia) Assets Pty Ltd.

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