Natural monopoly in key businesses; Relative geographic and business diversity; and Some measure of shareholder and government support. Aggressive financial profile following acquisition of Alinta assets in Australia. The corporate credit rating on Singapore Power Ltd. reflects the consolidated credit profile of the company and its subsidiaries, including fully owned SP PowerAssets Ltd. (SPPA; AA-/Negative/--), the 51%-owned SP AusNet Group (SP AusNet; local currency A-/Negative/--), and wholly owned SPI (Australia) Assets Pty Ltd. (SPIAA; A-/Negative/--). The subsidiaries benefit from full or majority ownership of SingPower, thus any changes to the corporate credit rating on SingPower is likely to have an impact on the ratings on SPPA, SP AusNet Group, and SPIAA. Singapore Power Ltd. (SingPower) generated operating revenue of Singapore
