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Credit Profile

Temasek’s Credit Profile is a snapshot of our credit quality and financial strength.

Total Debt
5% of Net Portfolio Value

(as at 31 March)

Total Debt
17% of Liquid Assets1

(as at 31 March)
1 Mainly cash and cash equivalents, and sub-20% listed assets.

Interest Expense
5% of Dividend Income

(for year ended 31 March)

Interest Expense
1% of Recurring Income1

(for year ended 31 March)
1 Divestments, dividend income, income from investments, and interest income.

Total Debt due in One Year
1% of Recurring Income1

(for year ended 31 March)
1 Divestments, dividend income, income from investments, and interest income.

Total Debt due in next 10 Years
17% of Liquidity Balance1

(as at 31 March)
1 Cash and cash equivalents, and short-term investments.

Key Credit Parameters (in S$ billion)

For year ended 31 March 2021 2022 2023 2024 2025
Divestments 39 37 27  33 42
Dividend income 8.4 9.4 11.1  9.0 10.4
Income from investments 0.7 1.0 0.9  0.9 1.3
Interest income 0.1 0.1 0.6 1.4 1.3
Interest expense
0.4 0.5 0.5 0.5 0.5
           
Net portfolio value 381 403 382  389 434
Liquid assets1 143.1 113.6 104.5  113.0 124.2
Liquidity balance2 50.8 38.4 43.7  61.8 57.8
Total debt3 17.6 22.0 21.7  20.9 20.7
1 Mainly cash and cash equivalents, and sub-20% listed assets.
2 Cash and cash equivalents, and short-term investments.
3 As at 31 March 2025, we had S$20.2 billion of Temasek Bonds and S$0.4 billion of Euro-commercial Paper (ECP) outstanding, in equivalent Singapore dollar value. The weighted average maturity for Temasek Bonds was over 18 years, and above two months for our ECP. All Temasek Bonds issued to date have been rated Aaa by Moody’s Investors Service (Moody’s) and/or AAA by S&P Global Ratings (S&P). Our ECP Programme has short-term ratings of P-1/A-1+ by Moody’s and S&P respectively.
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