S&P lowers SP AusNet, SPI (Australia)

Standard & Poor's said it lowered the long-term corporate credit and senior-unsecured debt ratings on SP AusNet Group to BBB+ from A-.

The short-term rating was affirmed at A-2.

At the same time, S&P lowered the long-term corporate credit and senior-unsecured debt ratings on SPI (Australia) Assets Pty Ltd. to BBB from A-.

The outlook on both companies is stable.

S&P said the ratings on SP AusNet and SPI (Australia) now reflect the stand-alone credit profile of each business.

These actions follow the sell down by Singapore Power International Pte Ltd. of 19.9% in SP AusNet and 60% in SPI (Australia) to State Grid International Development Ltd

"These rating actions reflect our view that the Singapore Power group's investments in its Australian businesses through SPI have evolved into strategic financial investments rather than continuing to be core strategic investments," S&P credit analyst Richard Creed said in a news release.

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