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Published on 5/16/2005 in the Prospect News Emerging Markets Daily.

S&P may up Singapore Power, unit

Standard & Poor's said its corporate credit ratings on Singapore Power and its wholly owned subsidiary SP PowerAssets Ltd., as well as the issue ratings on their medium-term notes remain on CreditWatch with positive implications.

If the transaction is completed under the terms and conditions understood by S&P, the ratings on Singapore Power and SP PowerAssets are likely to be raised to AA with a stable outlook, S&P said.

The ratings were placed on CreditWatch on March 9 after Singapore Power announced that it had signed an agreement to sell the merchant energy business of SPI Australia Holdings (Partnership) LP (A-/Watch positive/--), its wholly owned subsidiary, to CLP Australia Energy Holdings Pty Ltd. (not rated), a wholly owned subsidiary of CLP Holdings Ltd. (A+/Watch negative/A-1) for A$2.1 billion.

S&P said the expected upgrade reflects the improvement of the group's business position that would result from the sale of the merchant energy business, which carries higher revenue volatility and risk than the group's core electricity transmission and distribution business.


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