On March 30, 2007, Standard&Poor's Ratings Services placed its 'AA' long-term corporate credit ratings on Singapore Power Ltd. (SingPower) and its wholly-owned subsidiary SP PowerAssets Ltd. (SPPA), and its 'A'/'A-1' long-term corporate credit ratings on 51%-owned subsidiary Australian-based SP AusNet Group (SP AusNet) on CreditWatch with negative implications. At the same time, Standard&Poor's placed its senior unsecured issue ratings on SingPower's and SPPA's, and SP AusNet's notes on CreditWatch with negative implications. Entities under SP AusNet, namely SPI Australia Holdings (Partnership) L.P. (A/--), SPI PowerNet Pty Ltd. (A/A-1), SPI Electricity&Gas Australia Holdings Pty Ltd. (A/A-1), and SPI Electricity Pty Ltd. (A/--), were placed on CreditWatch with negative implications. Certain issues of the above mentioned
