S&P Global Ratings has revised its outlook on Singapore Telecommunications (Singtel) on Dec 7 as it feels the group has been “hit harder” than expected by the Covid-19 pandemic and weakened economic conditions.

“In our view, a significant improvement in Singtel’s performance depends, to a large extent, on the return of some normalcy in operating conditions,” it says in a Dec 7 report released via SGX on Dec 8.

That said, a recovery in the group’s operating performance could take longer than expected, resulting in “protracted weakness in financial ratios over the next 18-24 months,” it adds.

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