On Oct. 8, 2003, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on electricity company Singapore Power Ltd. (SingPower) to 'AA+' from 'AAA'. At the same time, the rating on SingPower's senior unsecured debt was lowered to 'AA+' from 'AAA'. The rating action reflects the expected weakening in the SingPower group's financial profile owing to the proposed substantial increase in group debt. The ratings were removed from CreditWatch, where they had been placed on Oct. 7, 2003. The outlook is stable. SingPower's main business is the ownership and operation of electricity transmission and distribution (T&D) in Singapore through its wholly owned subsidiary, SP PowerAssets Ltd. (SPPA; AA+/Stable/A-1+). SPPA has recently acquired the electricity T&D assets of Power
