Monopoly electricity networks business in Singapore. Predictable revenues and cash flows. Expected support from government. Adequate financial profile. Weaker other businesses. Singapore Power Ltd.'s (SingPower) main business is the ownership and operation of electricity transmission and distribution (T&D) in Singapore through its wholly owned subsidiary, SP PowerAssets Ltd. (SPPA; AA+/Stable/A-1+). SPPA has recently acquired the electricity T&D assets of Power Grid Ltd. (PowerGrid). The license for electricity T&D in Singapore, which was held by PowerGrid in the past, has also been transferred to SPPA. PowerGrid accounted for about 76% of the SingPower group EBITDA in 2003. The group had revenues of Singapore dollar (S$) 4.1 billion (US$2.4 billion), and assets of S$13.5 billion in fiscal 2003. The rating continues to
