OREANDA-NEWS. S&P Global Ratings today assigned its 'A+' long-term issue rating to the U. S.-dollar-denominated senior unsecured notes that Singtel Group Treasury Pte. Ltd. proposes to issue. The issuance is under the company's Singapore dollar (S$) 10 billion euro medium-term notes program. Singapore Telecommunications Ltd. (Singtel: A+/Stable/A-1; axAAA/axA-1+) guarantees the notes. The rating is subject to our review of the final issuance documentation.

We expect Singtel to use the proceeds of the proposed issuance to refinance its outstanding US$700 million 2.375% and Hong Kong dollar (HK$) 830 million 2.03% senior unsecured notes, both due in 2017. We therefore view the transaction as credit neutral.

The stable outlook on Singtel reflects our expectation that the company will maintain its strong competitive position, generate significant free operating cash flows, and maintain a modest financial risk profile over the next 24 months.