Foreign Currency: AA-/Stable/-- Local Currency: AA-/Stable/-- ASEAN Regional Scale: axAAA/-- We assess the stand-alone credit profile (SACP) of SP PowerAssets Ltd. (SPPA) as 'a'. Our rating on SPPA is based on our criteria for government-related entities, and our view of a "very high" likelihood of extraordinary support from the government of Singapore (unsolicited ratings AAA/Stable/A-1+; axAAA/axA-1+) through Temasek Holdings (Private) Limited. Our assessment of government support considers SPPA's: "Very important" role as the owner and maintainer of Singapore's electricity transmission and distribution (T&D) assets, and the importance of the economic service the company delivers; and "Very strong" link with the government through Temasek, which the government of Singapore owns. SPPA is a wholly owned subsidiary of Singapore Power Ltd. (SingPower:
