The rating on SP PowerAssets Ltd. (SPPA) reflects the company's monopoly as the sole owner and maintainer of Singapore's electricity transmission and distribution (T&D) assets, and as the sole electricity transmission licensee. The rating also reflects SPPA's high revenue and cash flow certainty, which is supported by a regulated tariff structure till 2013 and a cap on the company's loss of revenues due to lower volumes. We assess SPPA's business risk profile to be "excellent" and its financial risk profile to be "intermediate." SPPA is a wholly owned subsidiary of Singapore Power Ltd. (SingPower: AA-/Stable/--; axAAA/--), which the Singapore government's investment holding company, Temasek Holdings (Private) Limited (AAA/Stable/A-1+; axAAA/axA-1+), owns. We assess SPPA's stand-alone credit profile to be 'a'. The
