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Singapore Telecommunications Limited (“Singtel”) was upgraded by a notch to A+ from A by Fitch. The rating action comes on the back of Fitch’s expectation of improving leverage of the entity. Fitch forecasts Singtel’s EBITDA net leverage to remain at ~1.5-1.6x till FY2026, despite higher capex in FY2025, supported by rising EBITDA and from the proceeds of the company’s ongoing asset recycling program. According to Fitch, as Singtel operates critical government IT systems and owns key network infrastructure, there is a strong incentive for the Singapore government to provide support. Fitch also upgraded Singtel’s subsidiary, Singtel Optus Pty Ltd. to A- from BBB+ due to the latter’s strategic importance to its parent, Singtel.
Singtel’s bonds traded stable with its 3.875% 2028s at 96.9 cents on the dollar, yielding 4.6%