Moody’s: Singtel notes Aa3

Moody’s Investors Service said it assigned an Aa3 rating to the proposed issuance of 10-year dollar-denominated benchmark senior unsecured notes by Singtel Group Treasury Pte Ltd. under the unconditional and irrevocable guarantee of Singapore Telecommunications Ltd.

The notes will mature in 2025.

The outlook is stable.

These notes are being issued under the company’s S$10 billion euro medium-term note program.

All debt under this program ranks pari passu with all other unsubordinated and unsecured obligations of Singtel Group and Singtel, Moody’s said.

The proceeds will be used by the company to fund its ordinary course of business, the agency said.

The proceeds will be used to refinance its existing debt, Moody’s said, and will be broadly leverage-neutral in the near term.

This issue will also help to extend Singtel’s debt-maturity profile and further strengthen its liquidity position, the agency said.

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