S&P rates PSA notes AA

Standard & Poor's said it assigned its AA issue rating to the proposed issue of senior unsecured notes by PSA International Pte Ltd. (AA/negative).

The proposed notes will be issued under the company's $3.5 billion global medium-term notes program, the agency said.

According to S&P, the rating on the proposed notes is derived from the AA long-term corporate credit rating on PSA International, and the latter rating reflects its view of a very high likelihood of government support to the company, if needed.

The negative outlook on the corporate credit rating reflects a challenging economic environment, which could lead the company's financial risk profile to deteriorate, S&P said.

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