SingPower's increasing exposure to Singapore following the partial sale of its Australian investments has increased the likelihood of extraordinary government support for the company, in our view. The Singapore-based company's use of asset-sale proceeds to repay debt and meet future capital expenditure will support its improved financial risk profile. We are raising our long-term corporate credit rating on SingPower to 'AA' from 'AA-'. We are also affirming our 'axAAA' ASEAN regional scale rating on the company. We are also raising the stand-alone credit profile of SingPower to 'a+' from 'a-'. The stable outlook on SingPower reflects the outlook on the sovereign credit rating and our expectation that the company will remain focused on Singapore and committed to its core businesses.
