Natural monopoly Highly certain cash flows Very high likelihood of extraordinary government support Weak business profiles of parent's other businesses The rating on SP PowerAssets Ltd. (SPPA) reflects the company's monopoly as the sole owner and maintainer of Singapore's electricity transmission and distribution (T&D) assets, and as the sole electricity transmission licensee. The rating also reflects SPPA's high revenue and cash flow certainty, which a regulated tariff structure till 2013 and a cap on the company's loss of revenues due to lower volumes support. SPPA is a wholly owned subsidiary of Singapore Power Ltd. (SingPower: AA-/Stable/--; axAAA/--), which is owned by the Singapore government's investment holding company, Temasek Holdings (Private) Limited (AAA/Stable/--). We assess SPPA's stand-alone credit profile to be
