On Aug. 2, 2004, Standard&Poor's Ratings Services lowered its long-term credit rating on Singapore Power Ltd. (SingPower) to 'AA-' from 'AA+', following the completion of SingPower's acquisition of TXU Australia's businesses. The rating was taken off CreditWatch, where it was placed with negative implications on April 27, 2004. SingPower's three main businesses are: SP PowerAssets Ltd. (SPPA; AA-/Stable/--), which owns electricity transmission and distribution assets in Singapore; TXU Australia, which owns and operates gas and electricity distribution network and retail business predominantly in the State of Victoria, Australia, and; SPI PowerNet Pty Ltd. (SPI PowerNet, A+/Stable/A-1), which owns and operates the State of Victoria's electricity transmission network. The rating action reflects the weakening in SingPower's business and financial
