Fitch upgrades Singapore Power

Fitch Ratings said it upgraded Singapore Power Ltd.’s and SP Power Assets Ltd.’s long-term issuer default ratings to AA- from A+.

The companies’ short-term foreign-currency issuer default ratings also were upgraded to F1+ from F1.

Singapore Power’s senior unsecured rating also was upgraded to AA- from A+.

The ratings also were removed from Rating Watch positive.

The upgrades reflect the improvement in Singapore Power’s standalone credit profile after it divested stakes in its Australian network businesses and materially reduced overall debt and leverage, Fitch said.

As a result, the agency also upgraded Singapore Power’s standalone rating to A from A-. Wholly owned subsidiary SP Power Assets, which owns and operates the electricity transmission and distribution assets in Singapore, has a standalone rating of A, the agency said.

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