S&P rates Singapore Post notes AA-

Standard & Poor's said it revised the outlook on Singapore Post Ltd. to negative from stable, and affirmed its AA- long-term corporate credit rating and axAAA Asean regional scale rating. The agency also said it assigned an AA- issue rating and axAAA Asean regional scale rating to the company's proposed issue of S$200 million fixed-rate notes due 2020.

The proceeds will be used to fund anticipated capital expenditure and working capital requirements and finance new investments as part of the company's growth strategy, S&P said.

The outlook revision reflects the company's weaker credit protection metrics for the next two years, the agency said.

The affirmed ratings reflect the company's very strong market position in its core domestic and international mail business, high operating efficiency and solid cash flow measures, S&P said.

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