Credit Rating Reports

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The following reports have been produced by Moody's Investors Service, Inc. or Standard & Poor's Ratings Group, a division of The McGraw-Hill Companies, Inc., as applicable (“Rating Agency(ies)"), and are made available in full on this website with the consent of the Rating Agencies. Temasek is not liable for these reports and bears no responsibility for the contents of such reports. Temasek disclaims all and any liability whatsoever and howsoever arising in respect of these reports. The statements, comments and opinions expressed in these reports are the statements, comments and opinions of the relevant Rating Agency solely and not of Temasek. Temasek is neither endorsing nor repeating the contents of these reports by making them available on this website.

A rating is not a recommendation to buy, sell or hold notes issued under Temasek's MTN Program. Ratings are subject to revision, suspension or withdrawal at any time by the relevant Rating Agency. The Rating Agencies may also revise or replace entirely the methodology applied to derive the ratings. A rating opinion shall not be deemed as rendering advice on business operations. Any rating must be construed solely as a statement of opinion and not a statement of fact in relation to the notes, Temasek or any other entity or otherwise in connection with any other matter. The Rating Agencies undertake no duty of due diligence or independent verification, and they do not guarantee the accuracy and completeness, of any information submitted to them and relied on in connection with their rating.

For more information on Moody’s and Standard & Poor’s (the “Rating Agencies”) ratings, products and services, including any updates to Moody’s and Standard & Poor’s ratings and ratings actions taken by Moody’s and Standard & Poor’s, visit http://www.moodys.com and http://www.standardandpoors.com. Temasek bears no responsibility for, and is not endorsing, the contents on the Rating Agencies’ websites. Temasek disclaims any and all liability whatsoever and howsoever arising in respect of information contained on such websites.