Singapore Power Ltd. Feb 09

Standard & Poors, February 2009

Abstract
Natural monopoly in key businesses; Relative geographic and business diversity; and Some measure of shareholder and government support. Aggressive financial profile following acquisition of Alinta assets in Australia. The corporate credit rating on Singapore Power Ltd. reflects the consolidated credit profile of the company and its subsidiaries, including fully owned SP PowerAssets Ltd. (SPPA; AA-/Negative/--), the 51%-owned SP AusNet Group (SP AusNet; local currency A-/Negative/--), and wholly owned SPI (Australia) Assets Pty Ltd. (SPIAA; A-/Negative/--). The subsidiaries benefit from full or majority ownership of SingPower, thus any changes to the corporate credit rating on SingPower is likely to have an impact on the ratings on SPPA, SP AusNet Group, and SPIAA. Singapore Power Ltd. (SingPower) generated operating revenue of Singapore...

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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