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S&P lowers PSA
Standard & Poor's said it lowered its corporate credit rating on PSA Corp. Ltd. to AA from AAA.
The outlook is stable.
The ratings are removed from CreditWatch, where they were placed with negative implications on April 21, the agency said.
S&P said that the rating on PSA is tied to the credit quality of the overall PSA group, which is held by ultimate holding company, PSA International Pte. Ltd.
The two-notch downgrade on PSA reflects the group's weaker credit profile and more aggressive capital structure after its acquisition of a 20% indirect stake each in Hutchison Port Holdings Ltd. and Hutchison Ports Investment, the agency said.
S&P added that the rating on PSA is supported by its strong business profile.
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