SINGAPORE (Standard&Poor's) April 27, 2004--Standard&Poor's Ratings Services said today that it has placed its 'AA+' long-term corporate credit rating on Singapore Power Ltd. (SingPower) on CreditWatch with negative implications. At the same time, Standard&Poor's Ratings Services also placed its 'AA+' long-term ratings on SP PowerAssets Ltd. (SPPA) and 'A+' long-term ratings on SPI PowerNet Pty Ltd. (SPI PowerNet) on CreditWatch with negative implications. SPPA and SPI PowerNet are wholly owned subsidiaries of SingPower. "The CreditWatch reflects potential weakening in the SingPower group's financial and business profiles due to its proposed purchase of TXU Australia Holdings Pty Ltd.'s (TXU Australia; BBB/WatchPos/--) businesses," said Standard&Poor's credit analyst Sharad Jain, director in the Asia-Pacific Corporate
