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Singapore sovereign wealth fund Temasek said on Friday it doubled the size of its borrowing programme to $10 billion to allow for future bond issues.
“The aggregate amount of our issues of notes under the MTN (medium-term note) programme to-date is near the initial $5 billion MTN programme limit,” a Temasek spokesman said.
“We have increased this limit to $10 billion to cater for the possibility of future issues.”
Moody’s affirmed its Aaa rating on Temasek and said the increase in the size of the MTN allowed the Singapore fund greater financial flexibility. Temasek has to-date borrowed about $4.2 billion under the programme.
“The Aaa ratings continue to reflect Temasek’s strong financial profile at the holding company level, and are underpinned by the company’s low book and market value-based leverage, excellent liquidity position and high-quality investment portfolio”, said Moody’s Senior Credit Officer Elizabeth Allen in a statement.