On Nov. 7, 2005, Standard&Poor's Ratings Services affirmed its 'AA' corporate credit ratings on Singapore Power Ltd. (SingPower), and its wholly owned subsidiary, SP PowerAssets Ltd. The outlook on both ratings is stable. The affirmation follows SingPower's announcement that it plans to sell 49% of its Australian businesses under its subsidiary, SP AusNet (A/Stable/--), through an IPO. Singapore Power Ltd. (SingPower) has three main businesses: SP PowerAssets Ltd. (SPPA; AA/Stable/--), which owns electricity transmission and distribution (T&D) assets in Singapore; SPI Australia Holdings (Partnership) L.P. (SPIA; A/Stable/--), which owns and operates gas and electricity distribution network predominantly in the State of Victoria, Australia, and; SPI PowerNet Pty Ltd. (A/Stable/A-1), which owns and operates the State of Victoria's electricity
