The rating on Singapore Power Ltd. (SingPower) reflects the low-risk nature of the company's principal electricity network business, notwithstanding the weaker financial profile that emerged from the restructuring of the company during fiscal year 2002. The credit strengths of the company include: Its low-risk power transmission and distribution businesses. As part of Singapore's power industry restructuring, SingPower has divested its domestic generation assets, and plans to exit the retail power supply market fully by 2004. The bulk of SingPower's revenues are now derived from its regulated monopoly transmission and distribution business in Singapore, and, to a lesser extent, from its transmission business in Australia. Strong financial profile. Although SingPower's profitability and cash flow protection measures deteriorated in fiscal year 2002
