Strong competitive position. A degree of geographical and business diversity. Expected shareholder and government support. Modest financial profile. Singapore Power Ltd. (SingPower) has three main businesses: SP PowerAssets Ltd. (SPPA; AA/Stable/--), which owns electricity transmission and distribution (T&D) assets in Singapore; SPI Australia Holdings (Partnership L.P.) (SPIA; A/Stable/--), which owns and operates gas and electricity distribution network 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, 2005, the SingPower group had operating revenues of Singapore dollars (S$) 5.3 billion (US$3.2 billion), net income of S$861 million, and funds from operations (FFO) of S$1.5 billion. The rating on SingPower is
