Moody’s turns ST outlook to stable

Moody’s Investors Service said it changed the outlook for Singapore Technologies Engineering Ltd. (ST Engineering), ST Engineering RHQ Ltd., ST Engineering Treasury Pte. Ltd., and STE TransCore Holdings, Inc., to stable from negative.

The agency concurrently affirmed the Aaa ratings on the ST Engineering, its senior unsecured medium-term note program and its senior unsecured notes.

“"The affirmation of the Aaa issuer rating and change in outlook to stable reflects Moody's expectation of moderation in ST Engineering's leverage to below 4x in 2023 from 5.8x in 2022. ST Engineering will benefit from the full consolidation of TransCore and a recovery in the company's operating and financial profile, following a rebound in the airline and aerospace sector," said Nidhi Dhruv, a Moody's vice president and senior analyst, in a press release.

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