S&P affirms SMRT

Standard & Poor's said it affirmed its long-term corporate credit rating on SMRT Corp. Ltd. at AAA. The outlook is stable.

S&P said the rating on SMRT Corp. Ltd. reflects a very supportive regulatory and transport policy framework that facilitates SMRT's sound operations and financial viability, its strategic position in Singapore's developing duopolistic public transport sector, robust financial profile and supportive government.

Although SMRT receives no guarantees, explicit or implicit, as a government-linked corporation, S&P said its credit quality is enhanced by its 62%-ownership by the Singapore government through Temasek Holdings (Pte) Ltd. (AAA/stable/A-1+).

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