On Sept. 21, 2006, Standard&Poor's Ratings Services affirmed the 'AA' ratings on Singapore Power Ltd. (SingPower). The outlook is stable. In fiscal year 2006, SingPower generated operating revenue of Singapore dollar (S$) 4.84 billion (US$3.08 billion), net income of S$1.32 billion and funds from operations (FFO) of S$1.55 billion. This was mainly through its core electricity and gas transmission and distribution businesses in Singapore (through 100%-owned SP PowerAssets [SPPA, AA/Stable/--]) and Australia (through 51%-owned SP AusNet [A/Stable/--]). SingPower also owns a number of smaller companies providing electricity billing services and power generation in South Korea. The rating on SingPower is based on the following strengths: Natural monopoly in key businesses. About 93% of SingPower's businesses are natural monopolies
