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)

Dividend Income
over Interest Expense (×)


Recurring Income2
over Interest Expense (×)


Recurring Income2
over Total Debt due in One Year (×) 

Liquidity Balance3
over Total Debt due in next 10 Years (×)

Net Portfolio Value
over Total Debt (×)

Liquid Assets4
over Total Debt (×)

Key Credit Parameters (in S$ billion)

For year ended 31 March 2014 2015 2016 2017 2018
Divestments 10 19 28 18 16
Dividend income 7.9 7.9 7.8 7.0 9.0
Income from investments 0.1 0.1 0.2 0.2 0.3
Interest income 0.1 0.1 0.2 0.2 0.2
Interest expense
0.5 0.4 0.4 0.4
Net portfolio value 223 266 242 275 308
Liquid assets3 80.3 90.6 74.3 91.1 110.3
Liquidity balance4 29.9 26.7 27.1 37.6 33.2
Total debt5 14.2 13.8 12.9 12.8 12.8

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 Divestments, dividend income, income from investments and interest income.
3 Cash and cash equivalents, and short term investments.
4 Mainly cash and cash equivalents, and sub-20% listed assets.
5 As at 31 March 2018, comprised Temasek Bonds totalling S$11.4 (US$8.7) billion, with a weighted average maturity of over 11 years, issued under our US$15 billion Guaranteed Global Medium Term Note (MTN) Programme, and Temasek Euro-commercial Paper (ECP) totalling S$1.4 (US$1.1) billion, with a weighted average maturity of about two months, issued under our US$5 billion ECP Programme. All Temasek Bonds are rated AAA/Aaa by S&P Global Ratings (S&P) and Moody’s Investors Service (Moody’s) respectively. Our ECP Programme has short term ratings of A-1+/P-1 by S&P and Moody’s respectively.
6 Exchange rates as at 31 March 2018.