S&P assigns AA+ to SMRT MTNs

S&P said it assigned its AA+ long-term issue rating to a proposed issue of senior unsecured notes by SMRT Capital Pte. Ltd., a wholly owned subsidiary of SMRT Corp. Ltd. (AA+/stable/--).

The issuance will be under SMRT's S$1.3 billion guaranteed medium-term note program, which is unconditionally and irrevocably guaranteed by SMRT.

S&P said the rating on SMRT reflects the company's dominant market position in Singapore's rail transportation sector and S&P’s view of an extremely high likelihood of extraordinary support from the government of Singapore.

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