The corporate credit rating on Singapore Power Ltd. reflects the company's consolidated credit profile and that of its subsidiaries, including fully owned SP PowerAssets Ltd. (SPPA; AA-/Stable/--), 51%-owned SP AusNet Group (SP AusNet; local currency A-/Stable/--), and wholly owned SPI (Australia) Assets Pty Ltd. (SPIAA; A-/Stable/--). The subsidiaries benefit from full or majority ownership and the strategic direction of SingPower, so any changes to SingPower's corporate credit rating are likely to affect the ratings on SPPA, SP AusNet Group, and SPIAA. The rating on SingPower is supported by the following strengths: Natural monopoly in key businesses. SingPower's core electricity and gas transmission and distribution (T&D) businesses operate in natural monopolies with stable and predictable cash flows, assured by long-term licenses,
