Moody’s affirms Singtel, notes at Aa3

Moody's Investors Service said it affirmed Singapore Telecommunications Ltd. (Singtel)’s senior unsecured ratings of Aa3.

The agency also affirmed the provisional Aa3 rating on the euro medium term note program as well as the Aa3 rating on all notes issued by Singtel Group Treasury Pte. Ltd. under the unconditional and irrevocable guarantee from Singtel.

The outlook remains stable.

"The rating affirmation reflects the stability of Singtel's EBITDA and cash flows, which are supported by its strong market positions in its core markets of Singapore and Australia," Moody's assistant vice president Nidhi Dhruv said in a news release.

"The majority of Singtel's earnings and cash flows come from these two countries: Singapore accounted for 34% and Australia for 47% of total EBITDA in the fiscal year ended 31 March 2015."

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