Credit Profile
Temasek’s Credit Profile is a snapshot of our credit quality and financial strength, serving as a public marker along with our credit ratings. For these ratios, the lower the percentage, the higher the credit quality.
Total Debt
5% of Net Portfolio Value
(as at 31 March)
Total Debt
18% of Liquid Assets1
(as at 31 March)
1 Mainly cash and cash equivalents, and sub-20% listed assets.
Interest Expense
6% of Dividend Income
(for year ended 31 March)
Interest Expense
1% of Recurring Income1
(for year ended 31 March)
1 Divestments, dividend income, income from investments, and interest income.
Total Debt due in One Year
2% of Recurring Income1
(for year ended 31 March)
1 Divestments, dividend income, income from investments, and interest income.
Total Debt due in next 10 Years
15% of Liquidity Balance1
(as at 31 March)
1 Cash and cash equivalents, and short-term investments.
Key Credit Parameters (in S$ billion)
1 From the year ended 31 March 2020, the applicable accounting standard (IFRS 16: Leases) has required us to record our leases, comprising mainly office rental, on our balance sheet. This means that our lease liabilities and interest expense on lease liabilities are included as part of total debt and interest expense respectively. The credit ratios from the year ended 31 March 2020 reflect this change in accounting standards.
2 Mainly cash and cash equivalents, and sub-20% listed assets.
3 Cash and cash equivalents, and short-term investments.
4 As at 31 March 2024, we had S$20.2 billion of Temasek Bonds and S$0.5 billion of Euro-commercial Paper (ECP) outstanding, in equivalent Singapore dollar value. The weighted average maturity for Temasek Bonds was over 18 years, and above four months for our ECP. All Temasek Bonds issued to date have been rated Aaa by Moody’s Investors Service (Moody’s) and/or AAA by S&P Global Ratings (S&P). Our ECP Programme has short-term ratings of P-1/A-1+ by Moody’s and S&P respectively.
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