S&P rates Temasek notes AAA

S&P said it assigned its AAA long-term issue rating to a drawdown by Temasek Financial (IV) Private Ltd. under its S$5 billion guaranteed medium-term note program.

Temasek Holdings (Private) Ltd. (Temasek; AAA/stable/A-1+) fully, irrevocably and unconditionally guarantees the proposed notes.

The size of the proposed notes issuance will be up to S$400 million, with an option to increase the issue size up to a maximum of S$500 million.

“The rating on Temasek reflects the investment holding company's strong portfolio assets, above-average investment capabilities, minimal leverage, and our view of an extremely high likelihood of extraordinary support from the government of Singapore (unsolicited rating AAA/stable/A-1+) in case of need,” S&P said in a news release.

“Tempering these strengths is an increasing proportion of unlisted assets, which weigh on the company's net portfolio characteristics.”

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