SINGAPORE (Standard&Poor's) May 16, 2005--Standard&Poor's Ratings Services said today that its 'AA-' corporate credit ratings on Singapore Power and SP PowerAssets Ltd. as well as the issue ratings on their medium-term notes remain on CreditWatch with positive implications. If the transaction is completed under the terms and conditions understood by Standard&Poor's, the ratings on Singapore Power and SP PowerAssets are likely to be raised to 'AA' with a stable outlook. The ratings were placed on CreditWatch on March 9, 2005, after Singapore Power announced that it had signed an agreement to sell the merchant energy business of SPI Australia Holdings (Partnership) L.P. (A-/Watch Pos/--), its wholly owned subsidiary, to CLP Australia Energy Holdings Pty