Low risk operation of its regulated business in Singapore and overseas. Strong financial profile. The strategic importance of Singapore Power to the country. Growing overseas operations. Continued uncertainty in the domestic power restructuring. The rating on Singapore Power Ltd. (SingPower) reflects the low-risk nature of the company's principal electricity network business, notwithstanding the weaker financial profile that emerged from the restructuring of the company during fiscal year 2002. The credit strengths of the company include: Its low-risk power transmission and distribution businesses. As part of Singapore's power industry restructuring, SingPower has divested its domestic generation assets, and plans to exit the retail power supply market fully by 2004. The bulk of SingPower's revenues are now derived from its regulated monopoly
