{
  "id": 1846661,
  "title": "S&P upgrades Singtel to ‘A+’ on asset monetisation, balance sheet strength",
  "url": "https://urgent.news/2026/08/19/s-p-upgrades-singtel-to-a-on-asset-monetisation-balance-sheet-strength",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-19T01:14:14.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/sp-upgrades-singtel-asset-monetisation-balance-sheet-strength"
  },
  "original_language": "en",
  "account": "S&P upgraded telecommunications giant Singtel to \"A+/A-1\" from \"A/A-1\" on Wednesday, citing improved balance sheet strength and robust financial flexibility from its asset recycling programme. The firm's senior unsecured notes rating also rose from \"A\" to \"A+\", while its guaranteed subordinated perpetual securities rating increased from \"BBB\" to \"BBB+\". S&P expects Singtel to monetize the remaining $2.2 billion of its $9 billion asset recycling program by the end of FY2028. Adjusted debt fell to $7.5 billion at the end of FY2026, down from a peak of $12.3 billion in FY2021, and the adjusted debt-to-Ebitda ratio improved to 1.7 times from 2.5 times. S&P forecasts a rebound in Singtel's adjusted Ebitda to between $5.5 billion and $5.7 billion in FY2027, up from $4.5 billion in FY2026. This growth is expected to be driven by reduced regulatory and remediation costs in Optus, as well as special dividends from Thai subsidiaries. Shareholder distributions are projected to increase to between $4.1 billion and $4.3 billion annually in FY2027 and FY2028, up from $3.3 billion in FY2026.",
  "summary": "Rating agency expects telco to realise the remaining S$2.2 billion of its asset recycling programme by end-FY2028",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}