S&P downgrades ST Engineering on higher debt levels following TransCore deal
The S$3.6 billion acquisition will nearly triple ST Engineering's debt to S$5.3 billion in 2022, say analysts
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S&P Global Ratings has downgraded the credit rating of Singapore Technologies Engineering (ST Engineering) to "AA+" from "AAA", as the company would be facing elevated debt levels for at least the next 2-3 years after its TransCore deal.
The S$3.6 billion acquisition of 2 transport solutions firms in the US, which was first announced in October last year and completed on Mar 18 this year, will almost triple ST Engineering's debt to S$5.3 billion in 2022, from
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