technicality discrimination: TEXT-S&P Rates SP PowerAssets' Sr Unsecd Notes 'AA-' And 'axAAA'

Tuesday, September 18, 2012

(The following was released by the rating agency)

SINGAPORE (Standard & Poor's) Sept. 18, 2012--Standard &

Poor's Ratings Services today assigned its 'AA-' issue rating

and 'axAAA' ASEAN regional scale rating to an issue of Singapore

dollar (S$) 250 million in senior unsecured fixed rate notes by

SP PowerAssets Ltd. (SPPA; AA-/Stable/--; axAAA/--). The notes

are issued under the company's S$8 billion global medium-term

notes program.

We derived the rating on the notes from the 'AA-' long-term

corporate credit rating on SPPA. The company is a wholly owned

subsidiary of Singapore Power Ltd. (AA-/Stable/--; axAAA/--),

which the Singapore government's investment holding company,

Temasek Holdings (Private) Limited (AAA/Stable/A-1+), owns.

RELATED CRITERIA AND RESEARCH

-- SP PowerAssets Ltd.'s US$500 Million Senior Unsecured

Fixed Rate Notes Assigned 'AA-' Rating, Sept. 11, 2012 -- Rating

Government-Related Entities: Methodology And Assumptions, Dec.

9, 2010 -- Stand-Alone Credit Profiles: One Component Of A

Rating, Oct. 1, 2010 -- Business And Financial Risks In The

Investor-Owned Utilities Industry, Nov. 26, 2008 -- 2008

Corporate Criteria: Analytical Methodology, April 15, 2008

technicality discrimination