SINGAPORE (Standard&Poor's) Sept. 24, 2002--Standard&Poor's Ratings Services today affirmed its triple-'A' corporate credit rating on Singapore Power Ltd. (SingPower), which reflects the low-risk nature of the company's principal electricity and gas network business, notwithstanding the weaker financial profile that emerged from the restructuring of the company during fiscal year 2002. "SingPower has divested itself of domestic generation assets, and is now focused domestically on the low-risk power transmission and distribution businesses, which provide the bulk of revenues," said Erly Witoyo, credit analyst at Standard&Poor's. "Despite a significant write-down in certain offshore generation asset values in fiscal year 2002, which weakened profitability, and a capital reduction of S$3.4 billion resulting from the transfer of electricity
