Summary: Singapore Power Ltd. Aug 10

Standard & Poors, August 2010

Abstract
The corporate credit rating on Singapore Power Ltd. 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/--/--), 51%-owned SP AusNet Group (SP AusNet; local currency A-/Stable/--), and wholly owned SPI (Australia) Assets Pty Ltd. (SPIAA; A-/Stable/--). The subsidiaries benefit from full or majority ownership and the strategic direction of SingPower, so any changes to the rating on SingPower are likely to affect the ratings on SPPA, SP AusNet Group, and SPIAA. The following strengths support the rating on SingPower: Monopoly in key businesses. SingPower's core electricity and gas transmission and distribution (T&D) businesses operate in monopolies with stable and predictable cash flows, assured by long-term licenses,...

Companies mentioned in this report are: Singapore Power Ltd.,Singapore (Republic of) (Unsolicited Ratings),SP PowerAssets Ltd.,Temasek Holdings (Private) Limited,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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Singapore Power Ltd.,Singapore (Republic of) (Unsolicited Ratings),SP PowerAssets Ltd.,Temasek Holdings (Private) Limited,SP AusNet Group,SPI (Australia) Assets Pty Ltd.

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