On Oct. 8, 2003, Standard&Poor's Ratings Services assigned its 'AA+' long-term and 'A-1+' short-term corporate credit ratings to Singapore-based electricity utility SP PowerAssets Ltd. (SPPA). The outlook is stable. SPPA is a wholly owned subsidiary of Singapore Power Ltd. (SingPower; AA+/Stable/--). SPPA has recently acquired the electricity transmission and distribution (T&D) assets of PowerGrid Co. Ltd. (PowerGrid). PowerGrid used to own and operate the electricity T&D business in Singapore. The operation and maintenance of SPPA's assets will be carried out by PowerGrid's employees, who will be transferred to a management company. The monopoly license for electricity T&D, held by PowerGrid in the past, has also been transferred to SPPA. PowerGrid had revenues of Singapore dollar (S$) 1.3 billion
