Moody's Investors Service has downgraded Singtel Optus Pty Limited's (Optus) issuer rating to A3 from A2, Optus Finance Pty Limited's (Optus Finance) backed senior unsecured medium-term note (MTN) rating to (P)A3 from (P)A2, and its backed senior unsecured rating to A3 from A2. Optus is the parent and guarantor of Optus Finance and both of their A3 ratings include a two-notch uplift based on Singapore Telecommunications Limited's (Singtel, A1 stable) 100% ownership of Optus, which Moody's believes will result in credit support in times of financial stress.
Moody's Investors Service has affirmed Singapore Telecommunications Limited's (Singtel) senior unsecured rating of A1. Moody's has also affirmed the (P)A1 rating on the backed senior unsecured Euro medium-term note programme as well as the A1 rating on all the backed senior unsecured notes issued by Singtel Group Treasury Pte. Ltd., under the unconditional and irrevocable guarantee from Singtel.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Singapore Telecommunications Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.