SP PowerAssets Ltd. (SPPA) is a wholly owned subsidiary of Singapore Power Ltd. (SingPower, AA+/Stable/A-1+) SP PowerAssets Ltd. (SPPA). SPPA has recently acquired the electricity transmission and distribution (T&D) assets of PowerGrid Co. Ltd. (PowerGrid) for Singapore dollar (S$) 7.8 billion (US$4.5 billion). PowerGrid used to own and operate the electricity T&D business in Singapore. The operation and maintenance of SPPA's assets will be done by PowerGrid's employees, who have been transferred to a management company. The 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 S$7.3 billion in fiscal 2003. The rating on SPPA is based on the following strengths: SPPA is a
