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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)

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 next Five Years
8% of Liquid Assets1

(as at 31 March)
1 Mainly cash and cash equivalents, and listed assets with stakes of less than 20%.

Key Credit Parameters (in S$ billion)

For year ended 31 March 2022 2023 2024 2025 2026
Divestments 37 27  33 42 31
Dividend income 9.4 11.1  9.0 10.4 11.5
Income from investments 1.0 0.9  0.9 1.3 1.2
Interest income 0.1 0.6 1.4 1.3 0.7
Interest expense
 0.5 0.5 0.5 0.5 0.5
         
Net portfolio value 438 411 420 469 518
Liquid assets1 114.3 105.1 113.7 124.8 136.3
Liquidity balance2 38.4 43.7  61.8 57.8 49.9
Total debt3 22.0 21.7  20.9 20.7 25.5
1 Mainly cash and cash equivalents, and listed assets with stakes of less than 20%.
2 Cash and cash equivalents, and short-term investments.
3 As at 31 March 2026, we had S$22.8 billion of Temasek Bonds and S$2.5 billion of Euro-commercial Paper (ECP) outstanding, in equivalent Singapore dollar value. The weighted average maturity was over 15 years for Temasek Bonds, and above one month for our ECP. All Temasek Bonds issued to date have been rated Aaa by Moody’s Investors Service (Moody’s) or Aaa/AAA by Moody’s and S&P Global Ratings (S&P). Our ECP Programme has short-term ratings of P-1/A-+ by Moody’s and S&P respectively. 
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