S&P rates SingTel notes A+

Standard & Poor's said it assigned an A+ rating to SingTel Group Treasury Pte. Ltd.'s $600 million in senior notes maturing September 2021.

SingTel Group is a wholly owned subsidiary of Singapore Telecommunications Ltd.

The notes will be issued under SingTel Group's S$10 billion guaranteed euro medium-term notes program, which has an A+ rating.

The proceeds will be used for general corporate purposes, including the repayment of the group's maturing debts, S&P said.

The ratings reflect the group's favorable business positions, strong cash flow generation and diversified market exposure, the agency said.

The ratings are constrained because the company may make further sizable equity investments in telecommunication companies in growing or sizable markets. These investments, or any significant increase in debt-funded cash distributions to shareholders, could put stress on the current ratings, S&P said.

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