On Aug. 11, 2008, Standard&Poor's Ratings Services affirmed its 'AA-' long-term corporate credit rating on SP PowerAssets Ltd. (SPPA). The outlook remains negative. At the same time, the 'AA-' issue rating on SPPA's senior unsecured notes has also been affirmed. In addition, Standard&Poor's assigned its 'AA-' rating to SPPA's proposed two tranches of senior unsecured notes (comprising a seven-year S$320 million tranche and a 12-year S$280 million tranche). Although SPPA's stand-alone financial risk profile is expected to weaken due to higher leverage and potentially more aggressive dividend payout policy, its stand-alone credit profile remains somewhat better than the level for the current rating. The rating on SPPA and outlook are constrained by the corporate credit rating
