SP PowerAssets Ltd. Feb 09

Standard & Poors, February 2009

Abstract
Natural monopoly; High cash flow certainty; and Expected support from shareholder and government. Weaker business profiles of parent company's other businesses. The rating on SP PowerAssets Ltd. (SPPA) reflects (1) the company's natural monopoly, as the sole owner of Singapore's electricity transmission and distribution (T&D) assets and the sole electricity transmission licensee; and (2) high revenue and cash flow certainty in the medium term, supported by a regulated tariff structure valid for a five-year period to 2013. The regulator has also capped SPPA's loss of revenues due to lower volumes. SPPA is a wholly owned subsidiary of Singapore Power Ltd. (SingPower). Standard & Poor's believes that SPPA's credit quality benefits significantly from support from SingPower's parent, Temasek Holdings Pte. Ltd....

Companies mentioned in this report are: SP PowerAssets Ltd.,Jemena Ltd.,SPI Electricity Pty Ltd.,SPI Australia Holdings (Partnership) L.P.,Singapore Power Ltd.,SPI PowerNet Pty Ltd.,SPI Australia Finance Pty 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

SP PowerAssets Ltd.,Jemena Ltd.,SPI Electricity Pty Ltd.,SPI Australia Holdings (Partnership) L.P.,Singapore Power Ltd.,SPI PowerNet Pty Ltd.,SPI Australia Finance Pty 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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