Foreign Currency: AA-/Stable/-- Local Currency: AA-/Stable/-- ASEAN Regional Scale: axAAA/-- We assess the stand-alone credit profile (SACP) of Singapore Power Ltd. (SingPower) as 'a-'. Our rating on SingPower is based on our criteria for government-related entities, and our view of a "high" likelihood of extraordinary government support from the government of Singapore (unsolicited ratings AAA/Stable/A-1+; axAAA/axA-1+) through SingPower's parent, Temasek Holdings (Private) Limited. However, we believe that government and shareholder support is not absolute. Our assessment of government support considers SingPower's: "Important" role as the holding company for SP PowerAssets Ltd. (SPPA), which owns and maintains Singapore's electricity transmission and distribution (T&D) assets, and SP PowerGrid Ltd., which manages SPPA's assets; and "Very strong" link with the government of Singapore.
