The rating on Singapore Power Ltd. (SingPower) reflects the consolidated credit profile of the company and that of its subsidiaries, including fully owned SP PowerAssets Ltd. (SPPA; AA-/Stable/--; axAAA/--) and SPI (Australia) Assets Pty Ltd. (SPIAA; A-/Stable/--), and 51%-owned SP AusNet Group (local currency A-/Stable/--). SingPower's subsidiaries benefit from the company's full or majority ownership and strategic direction. Any changes to the rating on SingPower are therefore likely to affect the ratings on SPPA, SP AusNet, and SPIAA. SingPower's monopoly in its key businesses, its geographic and business diversity, and the "high" likelihood of extraordinary government support are rating strengths. The company's significant financial risk profile constrains the rating. SingPower's core electricity and gas transmission and distribution (T&D) businesses operate
