Moody's cuts PSA

Moody's Investors Service said it downgraded the issuer and senior unsecured ratings of PSA International Pte Ltd. and PSA Corp. Ltd. to Aa1 from Aaa, along with the rating on its medium-term notes program to Aa1.

The outlook is stable.

The downgrade reflects a modest adjustment to the high shareholder support assumption factored into the ratings, Moody's said.

The company's trend towards internationalization via the acquisitions it has made in the last five years warrant a slight reduction in such support assumption and a distinction between the ratings of these entities and their 100% owner, Temasek Holdings (Pte) Ltd., the agency said.

Moody's also said it recognizes that the company is critical to the Singaporean economy.

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