Moody's upgrades Singapore Power

Moody's Investors Service said it upgraded Singapore Power Ltd.'s issuer rating to Aa1 from Aa2 and raised the senior unsecured ratings of SP PowerAssets Ltd. and the backed senior unsecured ratings of SP Group Treasury Pte. Ltd. to Aa1 from Aa2.

"The upgrades reflect the conclusion of the regulatory reset for the Singapore regulated transmission and distribution businesses, which underpins SP's credit profile. The reset provides certainty that SP will maintain strong financial metrics for the remainder of the current five-year regulatory period that started on April 1, 2020," said Ray Tay, a Moody's senior vice president, in a press release.

The outlook remains stable.

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