Fitch affirms SingTel

Fitch Ratings said it affirmed Singapore Telecommunication Ltd.'s (SingTel) long-term foreign-currency and local-currency issuer default ratings at A+, as well as its senior unsecured rating at A+.

The agency also said it affirmed SingTel Optus Pty Ltd.'s long-term foreign-currency issuer default rating and senior unsecured rating at A.

The outlook is stable.

On a stand-alone basis, SingTel's ratings reflect its dominant position in the Singapore telecom market and its investments in a number of other regional markets through associates, the agency said.

SingTel's operations outside Singapore are becoming increasingly important, Fitch said.

Further, the Singapore government is unlikely to dilute its ownership in SingTel to below 50% in the short term, the agency said.

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