SINGAPORE(Standard&Poor's) Oct. 8, 2003--Standard&Poor's Ratings Services said today it has assigned its 'AA+' long-term and 'A-1+' short-term corporate credit ratings to SP PowerAssets Ltd. (SPPA). The outlook is stable. SPPA, a wholly owned subsidiary of Singapore Power Ltd. (SingPower; AA+/Stable/--), has recently acquired the electricity transmission and distribution (T&D) assets from Power Grid Co. Ltd. (PowerGrid), which used to own and operate the electricity T&D business in Singapore. The long-term rating on SingPower was lowered today by one notch to 'AA+' (see media release). SPPA's assets will be operated and maintained by PowerGrid's employees, who will be transferred to a management company. The monopoly license for electricity T&D, held by PowerGrid in the past, has also
