Moody's lowers Singapore Technologies baseline rating

Moody's Investors Service said it affirmed the Aaa issuer rating of Singapore Technologies Engineering Ltd.

Moody's also said it downgraded Singapore Technologies' baseline credit assessment to A3 from A2.

The outlook is stable.

The ratings reflect the company's role as a government-related issuer, Moody's said.

The company is important to Singapore as a strategic contractor and supplier of defense equipment, as well as an employer of highly skilled labor, the agency said.

Moody's also said it expects the company to continue seeking acquisition opportunities to grow its top line, upgrade its technological expertise and acquire patents to remain relevant in an increasingly competitive market.

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