Moody's: SingTel notes Aa2

Moody's Investors Service said it assigned an Aa2 rating to the $700 million 2 3/8% 5.5-year senior unsecured notes issued by SingTel Group Treasury Pte Ltd. under the unconditional and irrevocable guarantee of Singapore Telecommunications Ltd.

The outlook is stable.

The notes are being issued under SingTel Group's S$10 billion euro medium-term note program, Moody's said. All debt under this program ranks pari passu with all other unsubordinated and unsecured obligations of SGT and SingTel.

"It is Moody's expectation that SingTel will use the bond proceeds to refinance its existing bank facilities, such that its leverage metrics remain within the parameters of its rating at adjusted net debt/EBITDA <1.5x," Moody's vice president and senior credit officer Laura Acres said in a news release.

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