S&P Global Ratings

S&P cuts Singtel's outlook to 'negative'; expects poorer performance from associates

SINGAPORE (Aug 1): In yet another blow to Singapore’s biggest telco, S&P Global Ratings has cut Singapore Telecommunications’ outlook to “negative”, citing more intense regional competition and increasing cash needs for capital expenditure and dividend payout.

S&P’s downgrade for Singtel comes after Moody’s Investors Service and Fitch Ratings cut their outlook to “negative” in March.

S&P is expecting the company funds from operations to debt – or leverage – to fall below 40% over the next 18 to 24 months as dividends from associates decline.

Trade war spurs recession risk in Singapore

SINGAPORE (July 25): The US-China trade war is threatening to drag export-reliant Singapore into a recession and aggravating underlying risks facing the former tiger economy.

Singapore’s economic data have gone from bad to worse this month. Exports slumped to their second-worst rate since the global financial crisis, the purchasing managers index slipped into contraction for the first time since 2016, and the economy shrank the most in almost seven years in the second quarter.

Noble Group sued by top investor as trader defaults on debt

SINGAPORE (Mar 21): Noble Group is being sued by one of its top shareholders in a fresh blow to the embattled commodities trader as it defaults on debt obligations.

Goldilocks Investment Co. filed a lawsuit Tuesday in the Singapore High Court against the company and executives, including founder Richard Elman, alleging the trader inflated profits to raise money, according to a copy of the writ of summons seen by Bloomberg.

Noble Group `fighting for its life' as S&P sees default risk

(May 23): Noble Group Ltd.’s crisis deepened after S&P Global Ratings flagged a risk of default for the commodity trader within a year, triggering a rout in the company’s shares before they were suspended in Singapore ahead of a company statement. The 2020 bonds fell to a record low.

“Noble is fighting for its life now,” said Owen Gallimore, head of credit strategy at Australia & New Zealand Banking Group, who’s been covering Noble Group since 2008 and has been underweight on the bonds since 2015. “We’re not sure how long it can sustain without a white knight.”

Australia's AAA rating is back under the microscope

SYDNEY (May 9): Australia’s AAA rating is again under the microscope as the government prepares to deliver a budget Tuesday that appears long on spending pledges and short on savings.

Australian government to give budget update, top credit rating at risk

Australian Prime Minister Malcolm Turnbull

SYDNEY (Dec 19): Australia's conservative government will on Monday give an update on the national budget that could trigger a downgrade in the country's prized triple A credit rating and push up borrowing costs on over a trillion dollars of debt.

Facing slowing economic growth and a seemingly intractable deficit, Treasurer Scott Morrison is expected to reaffirm a pledge to return to surplus by 2020/21 through a mixture of spending cuts and tax-raising measures.

BlackRock says Australia could lose AAA rating next month

(Nov 6): Australia could be stripped of its top credit score by S&P Global Ratings as early as next month if the government’s interim budget review shows further deterioration, according to BlackRock Inc.

Singapore property sector provides shelter amid bond market volatility

SINGAPORE (Sept 8): S&P Global Ratings says Singapore’s real estate sector is expected to withstand the current volatility in the local currency bond market, even as the Swiber collapse in August fuelled public fears over more such occurrences.

“The dominance of large players in Singapore's real-estate industry should provide some cushion to absorb downside risk in the domestic bond market," says S&P credit analyst Chan Kah Ling in a Wednesday report.

Noble says ‘does not agree’ with S&P downgrade

Noble Group

SINGAPORE (June 16): Noble Group on Thursday says it “does not agree” with S&P Global Ratings’ downgrade of Noble’s credit rating to B+ from BB-, with a negative outlook.

“Given the company’s recent announcements of a US$500 million ($676 million) rights Issue, the future sale of Noble Americas Energy Solutions business, as well as other capital initiatives and cost-cutting measures, the company does not agree with S&P's assessment that its liquidity has weakened,” Noble said in a statement.

Noble credit rating cut by S&P despite efforts to raise cash

(June 16): Noble Group’s credit rating was cut by S&P Global Ratings for the second time in six months, citing its weakened liquidity position and higher funding costs despite recent efforts to raise cash.

The rating was lowered to B+ from BB-, with a negative outlook, according to a statement on Wednesday. The downgrade comes after a turbulent few weeks for the company.

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