S&P rates SP PowerAssets

Standard & Poor's said it assigned an AA- rating and axAAA Asean scale rating to the proposed issue of S$100 million in senior unsecured notes by SP PowerAssets Ltd.

The proposed notes will be issued under the company's S$8 billion global medium-term notes program.

The rating is derived from the AA- long-term corporate credit rating on the company, S&P said.

The corporate credit rating reflects the company's monopoly as the sole owner and maintainer of Singapore's electricity transmission and distribution assets, the agency said, and as the sole electricity transmission licensee.

It also reflects the company's high revenue and cash flow certainty, S&P said.

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