S&P: SP PowerAssets notes AA-

Standard & Poor's said it assigned its AA- issue rating to an issue of $500 million in senior unsecured fixed rate notes by SP PowerAssets Ltd.

The notes will be issued under the company's S$8 billion global medium-term notes program. The agency derived the rating on the notes from the AA- long-term corporate credit rating on SP Power.

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

The rating also reflects SP Power's high revenue and cash flow certainty, which is supported by a regulated tariff structure until 2013 and a cap on the company's loss of revenues due to lower volumes.

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