Natural monopoly in key businesses Relative geographic and business diversity High likelihood of extraordinary government support Significant financial risk profile The rating on Singapore Power Ltd. (SingPower) reflects the consolidated credit profile of the company and its subsidiaries, including fully owned SP PowerAssets Ltd. (SPPA: AA-/Stable/--; axAAA/--) and SPI (Australia) Assets Pty Ltd. (A-/Stable/--), and 51%-owned SP AusNet Group (local currency A-/Stable/--). SingPower's subsidiaries benefit from the company's full or majority ownership and strategic direction. Any changes to the rating on SingPower are therefore likely to affect the ratings on the subsidiaries. SingPower's monopoly in its key businesses, its geographic and business diversity, and the "high" likelihood of extraordinary government support are rating strengths, in our view. The company's "significant"
