S&P rates SingPost notes BBB-

S&P said it rated the planned Singapore dollar-denominated perpetual securities that SingPost Group Treasury Pte. Ltd. will issue BBB-. Singapore Post Ltd. (SingPost) will guarantee the subordinated perpetuals.

“We rate the perpetual securities two notches below the issuer credit rating on SingPost. This reflects the subordination of the securities, and SingPost's ability to voluntarily defer the securities' distributions,” S&P said in a press release.

The proceeds are expected to be used for general corporate purposes, including refinancing debt.

The outlook is stable.

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