We expect SP PowerAssets Ltd. (SPPA), the sole owner and operator of electricity transmission and distribution (T&D) assets in Singapore, to remain a core subsidiary of its parent, Singapore Power Ltd. (SingPower). On July 23, 2021, S&P Global Ratings raised its long-term issuer credit rating on SingPower to 'AA+' from 'AA'. As a result, we raised to 'AA+' from 'AA' our long-term issuer credit rating on SPPA and the long-term issue rating on the company's senior unsecured notes. The stable outlook on SPPA reflects the rating outlook on SingPower. We also expect SPPA to maintain a ratio of funds from operations (FFO) to debt of 15%-20% over the next 24 months. We regard SPPA as a core member of the
