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Singtel Upgraded to A+ by S&P
August 19, 2026
– Ritish G
Singapore Telecommunications (Singtel) was upgraded by a notch to A+ from A by S&P. The upgrade reflects a stronger balance sheet and greater financial flexibility, supported by asset monetization and debt reduction. Singtel has received more than S$12bn through its asset recycling program since fiscal 2022. Adjusted debt fell to S$7.5bn at end-FY2026 from S$12.3bn in FY2021, while debt-to-EBITDA improved to 1.7x from 2.5x. S&P expects Singtel to realize another S$2.2bn from its S$9bn asset recycling program by fiscal 2028. The rating agency also expects earnings to recover, with adjusted EBITDA reaching S$5.5bn–5.7bn in FY2027. Growth is expected to be supported by lower costs at Optus, higher associate dividends and expansion in data centers and AI cloud services. However, higher shareholder distributions and capex are expected to push leverage back to 1.8–2.0x in FY2027–28. S&P believes Singtel can manage these spending needs while keeping debt-to-EBITDA below 2x over the next two years.
Its dollar bonds were stable. For instance, its 7.375% 2031s were at 112.0, yielding 4.8%
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