Summary: Singapore Power Ltd.

Natural monopoly in key businesses. Supportive and stable regulatory framework in Singapore. Fair earnings diversity through associates. Geographic concentration to Singapore. Conservative balance sheet. Sustained capital expenditure and returns to shareholders. The stable outlook on Singapore Power Ltd. (SingPower) reflects the outlook on the sovereign credit rating on Singapore (AAA/Stable/A-1+; axAAA/axA-1+) and our expectation that the likelihood of government support to the company will remain "very high." The outlook also factors our expectation that SingPower will maintain its stable cash flows and financial risk profile over the next couple of years. Our assessment considers the company's higher capital expenditure commitments and negative free operating cash flows. We expect SingPower to remain largely focused on the Singapore market and committed to

Summary