TEMASEK Holdings' full-year results continue to support its Aaa rating with stable outlook, said Moody's Investors Service on Friday.

On July 7, Temasek reported a total shareholder return of 19.2 per cent for the year ended March 31, 2015, as its net portfolio value rose by S$43 billion to S$266 billion, thanks to a global equity rally.

Said Alan Greene, a Moody's vice-president and senior credit officer: "The strong growth in Temasek's net portfolio value was largely driven by the resilient price performance of its Singapore-listed entities and its China-based financial sector investments."

Moody's added that it does not expect the Singapore government's new net investment returns (NIR) framework to affect Temasek's cash flow, long-term investment strategy, operations, or dividend policy.

With effect from 2016, the expected returns of Temasek will be included in the (NIR) framework, which is already applied to GIC and the Monetary Authority of Singapore.

Under the NIR rules, the government can spend only up to 50 per cent of the expected long-term real returns of all three investment entities.