Strong competitive position. A degree of geographical and business diversity. Expected shareholder and government support. Modest financial profile. Risks associated with the nonmonopoly businesses. Singapore Power Ltd. (SingPower) has three main businesses: SP PowerAssets Ltd. (SPPA; AA-/Stable/--), which owns electricity transmission and distribution assets in Singapore; SPI Australia Group (formerly known as TXU Australia), which owns and operates gas and electricity distribution network and retail business predominantly in the State of Victoria, Australia, and; SPI PowerNet Pty Ltd. (A+/Stable/A-1), which owns and operates the State of Victoria's electricity transmission network. For the year ended March 31, 2004, the SingPower group had operating revenues of Singapore dollars (S$) 3.7 billion (US$2.1 billion), net income of S$642 million, and funds from operations
