SINGAPORE (Standard&Poor's) Oct. 9, 2003--Standard&Poor's said today it has assigned its 'AA+' rating to SP PowerAssets Ltd.'s (SPPA, AA+/Stable/A-1+) proposed Singapore dollar (S$) 6 billion (US$3.5 billion) global medium-term note program. SPPA is a wholly owned subsidiary of Singapore Power Ltd. (SingPower; AA+/Stable/--). SPPA has recently acquired the electricity transmission and distribution (T&D) assets of PowerGrid Co. Ltd. (PowerGrid). PowerGrid used to own and operate the electricity T&D business in Singapore. 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 been transferred to SPPA. PowerGrid had revenues of S$1.3 billion, and assets of
