S&P: Singtel Group Treasury Pte. Ltd.'s Proposed U. S. Dollar Senior Unsecured Notes Rated 'A+'
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.