Sole ownership of Singapore's power transmission and distribution networks. Diverse portfolio of mostly regulated assets that generate the majority of cash flows. Earnings and geographic concentration in Singapore, partly mitigated by some regulated Australian T&D investments. High cash flow visibility underpinned by regulated assets. Strong metrics, but trending downwards over the next few years due to higher capital spending needs. The stable outlook on Singapore Power Ltd. (SingPower) reflects the outlook on the sovereign credit rating on Singapore (AAA/Stable/A-1+) and our opinion that the likelihood of government support to the company will remain very high. We anticipate SingPower will benefit from stable earnings and manage capital expenditure and dividends carefully, so that its rising leverage remains within our tolerance for
