Temasek Review 2018
Institution

Public Markers

Our Temasek Review, Credit Profile and Temasek Bonds serve as public markers to anchor our commitment as a robust and disciplined institution through generations.

The Temasek Review presents our annual scorecard to our stakeholders.

Temasek is exempted from disclosing financial information publicly, as a Singapore exempt private company. Nonetheless, we have been publishing our Temasek Review annually since 2004 as a public marker of our performance.

Our Credit Profile provides a snapshot of Temasek’s key credit parameters across three dimensions – interest coverage, debt service coverage and leverage. Our Credit Profile reflects the fundamental strength of our financial position as an investment company. It facilitates a quantitative assessment of Temasek’s credit quality.

We issue Temasek Bonds and Euro-commercial Paper as part of our financial discipline. Their credit spreads in the market act like canaries in coal mines, to publicly signal market changes in Temasek’s credit quality.

We have received the top ratings of AAA/Aaa by S&P Global Ratings and Moody’s Investors Service of AAA/Aaa by S&P Global Ratings and Moody’s Investors Service respectively since our inaugural ratings in 2004. From time to time, rating agencies may modify their rating criteria. Such criteria changes may lead to a revision in the rating assigned to an entity, sometimes even when the entity’s financial position has not changed.

Temasek does not need to borrow or be credit rated in order to invest.

Temasek does not need to borrow or be credit rated in order to invest.

Our public markers instil financial discipline, broaden our stakeholder base, and facilitate our communications with the wider community.

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