Moody's: SingTel notes Aa2

Moody's Investors Service said it assigned an Aa2 rating to the $600 million of 4.5% 101/2-year senior unsecured fixed-rate notes issued by SingTel Group Treasury Pte Ltd., under the unconditional and irrevocable guarantee of Singapore Telecommunications Ltd.

The notes mature on Sept. 8, 2021.

The outlook is stable.

These notes are being issued pursuant to the company's S$10 billion euro medium-term note program and will rank pari passu with all other unsubordinated and unsecured obligations of SingTel and Singapore Telecommunications, Moody's said.

The proceeds will be used for general corporate purposes, including refinancing of existing bank and bond facilities, including the S$2.7 billion of lines due in the fourth quarter of 2011, the agency said.

The proposed issuance will further strengthen SingTel's liquidity and help maintain a staggered debt maturity profile, Moody's added.

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