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Singapore Power Ltd. Dec 11
Standard & Poors, December 2011
Natural monopoly in key businesses Relative geographic and business diversity High likelihood of extraordinary government support Significant financial risk profile The rating on Singapore Power Ltd. (SingPower) reflects the consolidated credit profile of the company and that of its subsidiaries, including fully owned SP PowerAssets Ltd. (SPPA; AA-/Stable/--; axAAA/--) and SPI (Australia) Assets Pty Ltd. (SPIAA; A-/Stable/--), and 51%-owned SP AusNet Group (local currency A-/Stable/--). SingPower's subsidiaries benefit from the company's full or majority ownership and strategic direction. Any changes to the rating on SingPower are therefore likely to affect the ratings on SPPA, SP AusNet, and SPIAA. SingPower's monopoly in its key businesses, its geographic and business diversity, and the "high" likelihood of extraordinary government support are rating strengths....
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.,SP AusNet Group,SPI (Australia) Assets Pty Ltd.
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.,SP AusNet Group,SPI (Australia) Assets Pty Ltd.