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 a regulated tariff structure till 2013 and a cap on the company's loss of revenues due to lower volumes support. SPPA is a wholly owned subsidiary of Singapore Power Ltd. (SingPower: AA-/Stable/--; axAAA/--), which is owned by the Singapore government's investment holding company, Temasek Holdings (Private) Limited (AAA/Stable/--). We assess SPPA's stand-alone credit profile to be 'a'. However, the rating on SPPA incorporates a two-notch uplift to reflect our opinion that there is a "very high"
