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Rating Action:

Moody's upgrades Singapore Power and SP PowerAssets to Aa2; outlook stable

30 Jul 2014

Singapore, July 30, 2014 -- Moody's Investors Service, ("Moody's") has upgraded the issuer rating of Singapore Power (SP) and the issuer and senior unsecured ratings of SP PowerAssets (SPPA) to Aa2 from Aa3. Moody's also upgraded SPPA's senior unsecured MTN rating to (P)Aa2 from (P)Aa3.

The rating outlooks are revised to stable from positive.

RATINGS RATIONALE

SP's Aa2 rating reflects the application of Moody's rating methodology for government-related issuers (GRIs), which combines (1) the company's standalone credit quality, or baseline credit assessment (BCA) of a3; and (2) a four-notch uplift based on our joint default analysis approach. This approach assumes a very high level of support from the Singapore government -- through Temasek Holdings (Aaa stable) -- in a stress situation.

"The rating upgrade is driven by SP's improved financial profile resulting from sizable debt reduction with proceeds from partial divestment of its Australian assets," says Ray Tay, a Moody's Vice President and Senior Analyst.

"SP's financial profile has strengthened following the divestment, given lower debt levels as well as enhanced liquidity," adds Tay.

Its BCA also incorporates the potential that SP may utilize part of the divestment proceeds for acquisition opportunities overseas. While the company has no specific investment target, we expect any acquisitions to be measured and in line with SP's intentions to acquire only transmission and distribution (T&D) assets in jurisdictions with a developed regulatory regime; similar to the frameworks in Australia and Singapore.

An acquisition which stresses SP's credit profile due to size or introduction of additional regulatory or operational risks will pressure its ratings.

SPPA's Aa2 rating reflects a three-notch uplift based on Moody's assessment of the likelihood of the strong support that SPPA will receive from the Singapore government through SP.

SPPA's A2 standalone credit rating reflects its strategic importance as the monopoly T&D operator in Singapore. Its overall credit profile is further enhanced by the very stable and predictable cash flow generated from its regulated assets.

SP's rating outlook is stable, reflecting Moody's expectation that the company will maintain its improved financial profile and that any future acquisitions will be measured and will not significantly increase its risk profile. SPPA's ratings outlook is in line with that of its parent, SP, and also reflects the regulatory stability since SPPA is in the first half of its current five-year reset period.

The possibility of near-term upward rating pressure on SP's rating is limited in view of the company's stated intention to make future acquisitions. However, the rating could be upgraded over time if SP continues to deploy funds for debt reduction, such that retained cash flow/net debt is at least 25% on a consistent basis.

The calculation of the metrics takes into account the debt and capex of its Australian operations on a pro-rata basis.

The rating of SPPA is closely linked to that of SP, such that its rating will not be upgraded without an upgrade of SP's rating.

We would consider downgrading SP's issuer rating if (1) the company pursues aggressive debt-funded overseas expansion which introduces additional regulatory or operational risks, and/or (2) its financial performance deteriorates such that retained cash flow/net debt falls below 3% and debt/capitalization exceeds 55% to 65% on a sustained basis, as this would weaken its standalone credit strength.

Furthermore, a change in our view on the expected level of support from Temasek and/or a partial privatization of SP or SPPA could also pressure the rating, as it would impact the support level under the joint default analysis approach and the resultant rating uplift.

A rating downgrade of SP will also trigger a downgrade of SPPA.

In addition, reduced financial flexibility -- due to increased leverage and more aggressive dividend payouts to SP -- would impact SPPA's standalone credit strength and be negative for the rating. The financial indicators that Moody's would consider for a change in the standalone credit rating -- which, in turn, could result in a rating downgrade -- include (funds from operations + interest)/interest below 3.5x and net debt/ fixed assets exceeding 70%-75% on a sustained basis.

The principal methodologies used in rating SP were Regulated Electric and Gas Utilities published in December 2013, and Government-Related Issuers: Methodology Update published in July 2010. The principal methodology used in rating SPPA was Regulated Electric and Gas Networks published in August 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Singapore Power Limited (SP) is fully owned by Temasek Holdings (Private) Ltd (Aaa stable), which in turn is the Singapore government's sovereign wealth fund.

SP owns and manages Singapore's only electricity T&D network through its fully owned subsidiaries, SPPA (assets owner) and SP PowerGrid (operator). SP PowerAssets Ltd (SPPA) is the monopoly provider of electricity transmission and distribution (T&D) services in Singapore. The company owns the country's electricity T&D assets, with more than 21,000km of primarily underground cable circuits in Singapore. It is 100% owned by SP.

SP also provides gas T&D services and market-support services.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Ray Tay
Vice President - Senior Analyst
Project & Infrastructure Finance
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Patrick Mispagel
Associate Managing Director
Project & Infrastructure Finance
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's upgrades Singapore Power and SP PowerAssets to Aa2; outlook stable
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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