Moody’s lifts Singapore Power, SP PowerAssets

Moody's Investors Service said it upgraded the issuer rating of Singapore Power Ltd. (SP) and the issuer and senior unsecured ratings of SP PowerAssets Ltd. to Aa2 from Aa3.

The agency also upgraded SP PowerAssets’ senior unsecured medium-term note rating to provisional Aa2 from provisional Aa3.

The outlooks were revised to stable from positive.

"The rating upgrade is driven by SP's improved financial profile resulting from sizable debt reduction with proceeds from partial divestment of its Australian assets," Moody's vice president and senior analyst Ray Tay said in a news release. "SP's financial profile has strengthened following the divestment, given lower debt levels as well as enhanced liquidity."

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