SINGAPORE (Standard & Poor's CreditWire) June 21, 2000-- Standard & Poor's today affirmed its triple-'A' local and foreign currency ratings on Singapore Power Ltd. (SingPower) as well as on the company's US$300 million bond issue. The outlook for the ratings is stable. The rating affirmation follows the announcement on June 20, 2000 that Singapore Power International (SPI; unrated), a wholly owned subsidiary of SingPower, has succeeded in its bid to acquire the assets of GPU PowerNet, the owner and operator of the high-voltage electricity transmission system in the state of Victoria, Australia. The acquisition price is A$2.1 billion (US$1.3 billion). GPU PowerNet (Powernet) is owned by Austran Holdings Inc. (A/WatchPos/A-1). The acquisition is likely to be financed largely through nonrecourse
