We upgraded SPPA's parent SingPower because the company's importance to the Singapore government has increased, in our view. In our view, SPPA is a core subsidiary of the Singapore Power Group. We also view SPPA as a government-related entity and believe that there is a "very high" likelihood of extra-ordinary government support for the company and the group. We are raising our long-term corporate credit rating and long-term issue rating on SPPA and its debt to 'AA' from 'AA-'. We are also affirming our 'axAAA' long-term ASEAN regional scale rating on the company and its debt. We are also affirming our 'cnAAA' long-term Greater China regional scale rating on some of SPPA's debt. The stable outlook on SPPA reflects the
