S&P: SMRT Capital notes AAA

Standard & Poor’s said it assigned an AAA long-term issue rating and axAAA long-term Asean regional scale rating to SMRT Capital Pte. Ltd.’s proposed Singapore-dollar denominated senior unsecured notes under its multi-currency guaranteed medium-term notes program.

The program is unconditionally and irrevocably guaranteed by the company’s parent, SMRT Corp. Ltd., S&P said.

The program amount has been raised to S$1.3 billion from S$1 billion. The company intends to use the proceeds for general corporate purposes, the agency said.

The ratings reflect the extremely high likelihood of extraordinary government support for the company, S&P said. SMRT’s stand-alone credit profile is AA-.

The negative outlook reflects uncertainty about the timing and details of support from the Singapore government and uncertainty about the company’s future financial performance, the agency said.

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