Singapore Power Ltd.'s (SingPower) main business is the ownership and operation of electricity transmission and distribution (T&D) in Singapore through its wholly owned subsidiary, SP PowerAssets Ltd. (SPPA; AA+/Stable/A-1+). SPPA has recently acquired the electricity T&D assets of Power Grid Ltd. (PowerGrid). The license for electricity T&D in Singapore, which was held by PowerGrid in the past, has also been transferred to SPPA. PowerGrid accounted for about 76% of the SingPower group EBITDA in 2003. The group had revenues of Singapore dollar (S$) 4.1 billion (US$2.4 billion), and assets of S$13.5 billion in fiscal 2003. The rating continues to benefit from the following strengths: SingPower is a natural monopoly because its subsidiary SPPA is the owner and operator of all
