SINGAPORE (Standard & Poor's) Oct. 8, 2003--Standard & Poor's Ratings Services said today it has lowered its long-term corporate credit ratings on Singapore Power Ltd. (SingPower) to 'AA+'. The ratings are removed from CreditWatch with negative implications, where they were placed on Oct. 7, 2003. The outlook is stable. The ratings are lowered due to the expected weakening of the SingPower group's financial profile after a substantial increase in its debt burden. "Despite the downgrade of the rating, SingPower remains one of only four electricity utility groups outside the U.S that is rated 'AA+'. No electricity utilities outside the U.S. is rated higher," said Sharad Jain, credit analyst and director in Standard & Poor's Corporate and Infrastructure Ratings Group. SingPower's
