On Aug. 11, 2008, Standard&Poor's Ratings Services affirmed its 'AA-' long-term corporate credit rating on Singapore Power Ltd. (SingPower). The outlook remains negative. At the same time, the 'AA-' issue rating on SingPower's senior unsecured notes has also been affirmed. The rating on SingPower benefits substantially from cash flow predictability due to the group's operations under exclusive long-term licenses in natural monopolies and stable environments, and from relatively independent core transmission and distribution (T&D) businesses in Singapore and Australia that give it some business diversity. The rating is also supported by the significant role SingPower plays in providing critical electricity T&D in Singapore, and the financial interest it represents to its 100% shareholder, Temasek Holdings Pte. Ltd. (AAA/Stable/--),
