Moody’s affirms PSA International

Moody's Investors Service said it affirmed PSA International Pte. Ltd.'s Aa1 ratings and PSA Corp. Ltd.'s Aa1 issuer rating.

The outlook is stable.

“PSAI's underlying credit strengths, as reflected by its BCA, are mainly underpinned by its portfolio diversity and strong global market positions; its dominant position, via PSAC, in the Port of Singapore; as well as a track record of strong profitability and resilience to economic down-cycles,” Ray Tay, Moody's vice president and senior credit officer, said in a news release.

“Although there are risks to throughput resulting from continued global trade tensions, PSAI and PSAC have both maintained their credit quality through past trade cycles, and we expect them to maintain resilience through the current volatility in trade, aided by portfolio diversity, the increasing role of transhipment ports in facilitating adjustments to global trade routes, and robust financial metrics.”

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