Credit Quality

Our credit profile provides a snapshot of our credit quality and the strength of Temasek’s financial position1.

(for year ended 31 March)

Net Portfolio Value
over Total Debt (×)

Liquid Assets2
over Total Debt (×)

Dividend Income
over Interest Expense (×)


Recurring Income
over Interest Expense (×)


Recurring Income3
over Total Debt due in One Year (×) 

Liquidity Balance
over Total Debt due in next 10 Years (×)

Key Credit Parameters (in S$ billion)

For year ended 31 March 2015 2016 2017 2018 2019
Divestments 19 28 18 16 28
Dividend income 7.9 7.9 7.0 9.0 8.5
Income from investments 0.1 0.2 0.2 0.3 0.4
Interest income 0.1 0.2 0.2 0.2 0.4
Interest expense
0.4 0.4 0.4 0.4
Net portfolio value 266 242 275 308 3137
Liquid assets3 90.6 74.3 91.1 110.3 112.2
Liquidity balance4 26.7 27.1 37.6 33.2 44.2
Total debt5 13.8 12.9 12.8 12.8 15.1

Temasek Bonds – Maturity Profile and Coupon

1 Based on the financial information of Temasek as an investment company, namely Temasek Holdings (Private) Limited (THPL) and its   Investment Holding Companies (IHCs). IHCs are defined as THPL’s direct and indirect wholly owned subsidiaries, whose boards of directors or equivalent governing bodies comprise employees or nominees of THPL, wholly owned Temasek Pte. Ltd. (TPL), and/or TPL’s wholly owned subsidiaries. The principal activities of THPL and its IHCs are that of investment holding, financing, and/or the provision of investment advisory and consultancy services.
2 Mainly cash and cash equivalents, and sub-20% listed assets.
3 Divestments, dividend income, income from investments and interest income.
4 Cash and cash equivalents, and short term investments.
5 As at 31 March 2019, comprised Temasek Bonds totalling S$13.8 (US$10.2) billion, with a weighted average maturity of over 10 years, issued under our US$20 billion Guaranteed Global Medium Term Note (MTN) Programme, and Temasek Euro-commercial Paper (ECP) totalling S$1.3 (US$0.9) billion, with a weighted average maturity of above two months, issued under our US$5 billion ECP Programme. 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.
6 Exchange rates as at 31 March 2019. 
7 On 21 July 2020, Temasek released its preliminary portfolio performance based on unaudited consolidated financial statements for the fiscal year ended 31 March 2020. Please refer to the press release here for more information.