SINGAPORE (Standard&Poor's) Aug. 11, 2008--Standard&Poor's Ratings Services today affirmed its 'AA-' long-term corporate credit ratings on Singapore Power Ltd. (SingPower) and SP PowerAssets (SPPA). The outlook on both companies remains negative. At the same time, the 'AA-' issue ratings on SingPower and SPPA's senior unsecured notes have also been affirmed. In addition, Standard&Poor's assigned its 'AA-' rating to SPPA's two proposed tranches of senior unsecured notes (comprising a seven-year Singapore dollar [S$] 320 million tranche and a 12-year S$280 million tranche). The rating on SingPower benefits substantially from cash flow predictability due to the group's operations under exclusive long-term licenses in natural monopolies and stable environments, and from relatively independent core transmission and distribution
