S&P rates Bayfront Infrastructure notes AAA

S&P Global Ratings said it assigned its AAA long-term issue rating to benchmark-sized U.S. dollar-denominated senior fixed-rate notes that Bayfront Infrastructure Management Pte. Ltd. proposes to issue.

The government of Singapore (AAA/stable/A-1+) unconditionally and irrevocably guarantees all principal and interest payments of the notes.

Bayfront Infrastructure is a Singapore-based platform that has a mandate to invest in, and distribute, infrastructure debt in Asia-Pacific.

Bayfront is 70% owned by Clifford Capital Holdings (CCH) and 30% by the Asian Infrastructure Investment Bank (AAA/stable/A-1+). CCH is in turn owned by a consortium of institutions, of which the single largest stake (45.7%) is held by Temasek Holdings (Private) Ltd. (AAA/stable/A-1+).

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