Moody's: Singapore Power view to positive

Moody's Investors Service said it removed the Aa3 issuer ratings of Singapore Power Ltd. and its wholly owned subsidiary, SP PowerAssets Ltd., from review for possible upgrade and revised the outlook to positive.

Moody's also confirmed Singapore Power's Aa3 issuer rating, SP PowerAssets' Aa3 issuer and senior unsecured ratings, and SP PowerAssets' senior unsecured medium-term note program (local currency) rating of provisional Aa3.

The agency placed the ratings on review for upgrade on May 17 after Singapore Power said it would partially divest its equity interest in two Australian subsidiaries.

"The divestment is credit positive for SP because it will enhance its liquidity position and allow it to materially reduce its leverage, thereby boosting its credit metrics," Moody's assistant vice president and analyst Ray Tay said in a news release.

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