Fitch ups Singapore Power

Fitch Ratings said it upgraded Singapore Power Ltd. and SP PowerAssets Ltd.'s long-term foreign- and local-currency issuer default ratings to A+ from A, along with its foreign-currency senior unsecured rating to A+ from A and its short-term foreign-currency issuer default rating to F1+ from F1.

The outlook was revised to stable from negative.

The upgrades reflect the stronger tangible support from the companies' sole owner, Temasek Holdings Pte Ltd. and the Singapore government, Fitch said.

The stable outlook reflects lower net debt and gearing, following the equity infusion, as well as the expectation that the company will continue to reduce its leverage in the medium term by maintaining a flexible dividend policy and investment program, the agency said.

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