MAINBOARD-LISTED Singtel's long-term default outlook has been cut to"negative" by Fitch Ratings, weeks after credit agency Moody's did the same.
Fitch, like the two other credit agencies, also flagged the possible risk of Singtel pushing its debt levels past the trigger for a ratings downgrade, even though S&P had argued that Singtel's 37.5 billion rupees investment in new Bharti Airtel shares - which is to be funded with a mix of internal funds and debt - fell within its analysts' expectations.
But Fitch noted that Singtel still"compares favourably with a global peer group of 'A' category telecom operators, which includes large, diversified companies with strong market positions and net leverage above three times", such as American telcos AT&T and Verizon Communications.
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