The rating on SP PowerAssets Ltd. (SPPA) reflects our view of 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. It also reflects SPPA's high certainty in revenue and cash flow. A regulated tariff structure valid for five years to 2013 and a cap on the company's loss of revenues due to lower volumes support the rating. We assess the stand-alone credit profile of SPPA to be 'a'. SPPA is a wholly owned subsidiary of Singapore Power Ltd. (SingPower; AA-/Stable/--; axAAA/--), which the Singapore (AAA/Stable/A-1+; axAAA/axA-1+) government's investment holding company, Temasek Holdings (Private) Limited (AAA/Stable/A-1+), owns. The rating on SPPA incorporates a two-notch uplift to
