Fitch Ratings is ascribing a “stable” outlook for Singapore Telecommunications (Singtel) with an "A" Issuer Default Ratings (IDR) due to the low rating headroom.
In a Mar 10 special report, lead analyst Janice Chong says, “We expect Singtel to operate over the next two years with funds from operations (FFO) net leverage of 2.4-2.5 times, which is commensurate with its rating. The pace of Singtel's organic deleveraging amid a challenging environment will depend on capital preservation, including shareholder returns.”
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