SP PowerAssets Ltd. (SPPA) is a wholly owned subsidiary of Singapore Power Ltd. (SingPower, AA/Watch Neg/--). SPPA owns the electricity transmission and distribution (T&D) network in Singapore. For fiscal 2007 (ended March 31, 2007), SPPA generated operating revenues of Singapore dollar (S$) 1.3 billion, net income of S$513.4 million, and funds from operations (FFO) of S$748.4 million. SPPA contributed about half of SingPower group's EBITDA in fiscal 2007. The current ratings on SingPower, SPPA, and SP AusNet Group (local currency A/Watch Neg/--) do not factor in the business or financial impact of the acquisition of Alinta Ltd.'s (BBB/Watch Neg/--) network assets. SingPower, SPPA, and SP AusNet Group were placed on CreditWatch with negative implications on March 30, 2007, following the
