S&P ups SPI (Australia), Jemena

Standard & Poor's said it raised its long-term corporate credit rating on SPI (Australia) Assets Pty Ltd. and Jemena Ltd. to BBB+ from BBB.

The outlook is stable.

At the same time, the ratings on the company's senior unsecured debt were raised to BBB+ from BBB.

SPI (Australia) is the holding company that owns a portfolio of Australian regulated and contracted energy distribution and transmission assets, including Jemena The A$860 million secured bank debt guaranteed by SingPower remains rated AA-, reflecting the rating on the guarantor.

S&P said the upgrade reflects a combination of reassessment of SPI (Australia)'s business risk profile as "excellent" and application of its "low volatility" benchmark ratios, tempered by the company's exposure to unregulated cash flows and the forecast financial metrics at the lower end of the "significant" band.

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