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