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Temasek upsizes medium-term note programme to US$25b

TEMASEK Financial (I) Limited (TFin-I), a wholly-owned subsidiary of Singapore investment firm Temasek Holdings, has increased the limit of its guaranteed global medium-term note programme to US$25 billion, from US$20 billion previously.

Net proceeds from issuing notes under this programme will be provided to Temasek and its investment holding companies to fund their ordinary course of business, unless otherwise disclosed in the relevant pricing supplement.

TFin-I has 15 series of notes with a total of S$12.1 billion outstanding under the programme, it said in a press statement on Monday.

The programme's limit was last increased from US$15 billion in July 2018.

In another statement, S&P Global Ratings said the latest upsizing does not affect its AAA rating on the programme, which is unconditionally and irrevocably guaranteed by Temasek.

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The ratings agency noted that the state investment firm has a large, well-diversified and high-quality portfolio of assets, above-average investment capabilities and minimal leverage. "In addition, we see an extremely high likelihood of extraordinary support from the Singapore government in case of need," S&P said on Monday.

However, Temasek's increasing proportion of unlisted assets weighs on its net portfolio characteristics and temper these strengths, according to S&P.

The agency has a stable rating outlook on Temasek, reflecting S&P's opinion that the firm's close relationship with the government will remain intact over the next 24 months.

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