October 7th 2021

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Moody’s Investors Service has affirmed Singapore Technology Engineering’s (ST Engineering) Aaa issuer rating, but reassessed its baseline credit assessment from baa1 To a3. Read More » Moody’s vice president and senior analyst, Nidhi Dhruv, said the affirmation of the Aaa rating reflected its expectation of strong support from the Singapore Government. Dhruv said the downgrade to baa1 reflected an expectation of a deterioration in the company’s financial profile and liquidity following its announcement of a debt funded acquisition of U.S.-based TransCore for US$2.68 billion on a cash-free and debt-free basis.

SIA Engineering Company (SIAEC) has sold its 39.2% stake in Asian Surface Technologies (AST) for US$2.79 million in cash. SIAEC’s decision to divest AST, which repairs aircraft engine fan blades and provides corrosion resistant coating services, was due to declining work volume at the company.