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Credit Profile

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

Credit quality measures a company’s ability to repay and service its debts. It allows bond investors to determine the likelihood that they will receive their coupon payments and the return of their principal investment. Credit quality is used as an indicator of credit risk, and is a key criterion often used before deciding to invest in a bond.

For these ratios, the lower the percentage, the higher the credit quality.

(for year ended 31 March)

Total Debt
6% of Net Portfolio Value

Total Debt
21% of Liquid Assets1

Interest Expense
5% of Dividend Income

Interest Expense
1% of Recurring Income2

Total Debt due in One Year
5% of Recurring Income2

Total Debt due in next 10 Years
24% of Liquidity Balance3

Key Credit Parameters (in S$ billion)

For year ended 31 March 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Divestments 15 13 10 19 28 18 16 28 26 39 37 27
Dividend income 8.1 6.4 7.9 7.9 7.8 7.0 9.0 8.5 11.9 8.4 9.4 11.1
Income from investments 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.8 0.7 1.0 0.9
Interest income 0.2 0.1 0.1 0.1 0.2 0.2 0.2 0.4 0.7 0.1 0.1 0.6
Interest expense
0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5
                         
Net portfolio value 198 215 223 266 242 275 308 313 306 381 403 382
Liquid assets1 71.8 76.5 80.3 90.6 74.3 91.1 110.3 112.2 112.4 143.1 113.6 104.5
Liquidity balance3 33.7 33.3 29.9 26.7 27.1 37.6 33.2 44.2 47.1 50.8 38.4 43.7
Total debt4 13.5 14.6 14.2 13.8 12.9 12.8 12.8 15.1 13.9 17.6 22.0 21.7

Temasek Bonds – Maturity Profile and Coupon

Footnotes:
1 Mainly cash and cash equivalents, and sub-20% listed assets.
2 Divestments, dividend income, income from investments and interest income.
3 Cash and cash equivalents, and short term investments.
4 As at 31 March 2023, we had S$20.2 billion of Temasek Bonds and S$1.3 billion of Euro-commercial Paper (ECP) outstanding, in equivalent Singapore dollar value. The weighted average maturity for Temasek Bonds was over 19 years, and above three months for our ECP. All Temasek Bonds are rated Aaa/AAA by Moody’s Investors Service (Moody’s) and S&P Global Ratings (S&P) respectively. Our ECP Programme has short term ratings of P-1/A-1+ by Moody’s and S&P respectively.
5 Exchange rates as at 31 March 2023.
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