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 that on the sovereign credit rating on Singapore (AAA/Stable/A-1+; axAAA/axA-1+) and our opinion that the likelihood of government support to the company will remain very high. We also expect that SingPower will benefit from stable earnings and maintain a capital structure consistent with the current rating. This is despite a moderate weakening over the next couple of years owing to high capital expenditure commitments and negative free operating cash flows. We expect the company to remain largely focused on the

...Outlook: Stable The stable outlook on Singapore Power Ltd. (SingPower) reflects that on the sovereign credit rating on Singapore (###/Stable/A-1+; axAAA/axA-1+) and our opinion that the likelihood of government support to the company will remain very high. We also expect that SingPower will benefit from stable earnings and maintain a capital structure consistent with the current rating. This is despite a moderate weakening over the next couple of years owing to high capital expenditure commitments and negative free operating cash flows. We expect the company to remain largely focused on the Singapore market and disciplined in its strategy of owning electricity and gas transmission and distribution (T&D) assets in highly regulated markets with strong legal frameworks....

Summary