Overview Key strengths Key risks Stable and predictable cash flow from regulated electricity transmission and distribution (T&D) assets, supported by a regulatory framework with a long track record. Increase in capital spending due to ageing transmission network. Sole owner and operator of Singapore's electricity T&D networks. Geographical concentration, with T&D assets located only in Singapore. Core subsidiary of Singapore Power Ltd. (SingPower), resulting in a three-notch rating uplift from the stand-alone credit profile (SACP). We view SPPA as a core subsidiary of SingPower. SPPA is a significant contributor to the group's consolidated earnings (accounting for about 65%-70% of EBITDA) and is integral to the group's strategy. SingPower is fully owned by Temasek Holdings (Private) Ltd. (Temasek), a wholly owned investing
