Singtel secures $3 billion credit for subsidiaries
By MYBRANDBOOK
Singapore Telecommunications (Singtel) subsidiaries have secured close to $3 billion (2.43 billion pounds) in bank credit facilities, it said on Friday. Singtel Group Treasury and A$800 million ($510 million) for its Australian subsidiary Optus Finance. The funds will be used for refinancing and general purposes, Singtel said.
Credit ratings agencies Fitch and S&P Global this year downgraded Singtel, citing weak growth prospects and the potential need for higher capital expenditure.
HOOQ Digital, a video streaming service majority owned by Singtel, last month said it was filing for liquidation while Singtel has said there is no certainty over a mooted A$2 billion sale of Australian telecom towers.
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