Fitch upgrades Singtel

Fitch Ratings said it upgraded Singapore Telecommunications Ltd.'s (Singtel) long-term foreign- and local-currency issuer default and senior unsecured ratings to A+ from A. The agency also removed Singtel's ratings from under criteria observation.

Concurrently, Fitch raised the long-term foreign-currency IDR and senior unsecured rating of Singtel's wholly owned subsidiary, Singtel Optus Pty Ltd., to A- from BBB+.

“The upgrade reflects our revision of Singtel's stand-alone credit profile (SCP) to a, from a-, which reflects our expectation that the group's EBITDA net leverage will remain below 1.7x. Singtel continues to enjoy a one-notch uplift from its SCP under the government-related entities rating criteria,” Fitch said in a statement.

The outlook is stable.

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