Natural monopoly as Singapore's sole power transmission and distribution owner/operator. Transparent and stable regulatory framework, which underpins predictable revenue generation. Limited business and geographic diversity. Resilient financial strength. High capital spending requirements to modernize an ageing transmission network. The stable outlook on SP PowerAssets Ltd. (SPPA) reflects the outlook on the company's parent Singapore Power Ltd. (SingPower: AA/Stable/--), and our expectation that SPPA will remain a core member of the group. We could lower the rating on SPPA if we see signs of a loosening of the company's ties with its parent, which we view as unlikely. We could also lower the rating if we downgrade SingPower, which could happen if: We lower the sovereign credit rating on Singapore by
