Moody's affirms PSA

Moody's Investors Service said it affirmed the Aaa issuer rating of PSA Corp. Ltd. following the offer by its parent, PSA International Pte Ltd, to acquire The Peninsular & Oriental Steam Navigation Co. (P&O).

The outlook remains stable.

Moody's noted that there are also uncertainties as to whether PSA International will eventually succeed in its bid.

Moody's also said that the rating affirmation reflects the continued high support from PSA International to PSA and that PSA will also indirectly benefit from expected strong support from Temasek Holdings (Pte) Ltd. (Aaa), the ultimate parent company.

Moody's said it believes that the support from Temasek for the overall PSA group is strong, reflecting the group's strategic importance to Temasek and its role in expanding the Temasek group's footprint overseas.

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