SingTel defends credit rating following downgrade

SingTel has issued a statement after being downgraded by Moody's to Aa3 credit rating.

On 15 August 2012 Moody's Investors Service downgraded Singapore Telecommunications Limited's senior unsecured ratings to Aa3 from Aa2. Moody's also downgraded to Aa3 from Aa2 all notes issued by SingTel Group Treasury Pte. Ltd, under the unconditional and irrevocable guarantee of SingTel.

In response, SingTel said:

Singapore Telecommunications Limited refers to the announcement by Moody’s Investors Service.

At Aa3, SingTel’s credit rating continues to be strong among its peers in the global telecommunications industry. SingTel remains financially-disciplined in its approach to investments and is committed to maintaining the Group’s investment-grade credit rating.