Summary: Temasek Holdings Pte. Ltd. Sep 09

Standard & Poors, September 2009

Abstract
The 'AAA' rating on Singapore-based Temasek Holdings Pte. Ltd. reflects the following strengths: Most of Temasek's major investments have strong market positions, and we expect these businesses to continue to generate steady and sustainable cash flows for the group. Temasek's portfolio is highly diversified, with no single investment accounting for more than 20% of the portfolio value. At the holding company level, Temasek's cash and cash equivalents slightly exceeded its debt as at the fiscal year ended March 31, 2008. It maintains a very conservative capital structure (the ratio of debt to capitalization remains below 30%) and considerable ability to access the capital markets. Temasek's cash position increased significantly as of the end of December 2008, while its debt remained...

Companies mentioned in this report are: Temasek Holdings (Private) Limited,Bank of America Corp.,GlobalFoundries Singapore Pte. Ltd.,Standard Chartered PLC
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Temasek Holdings (Private) Limited,Bank of America Corp.,GlobalFoundries Singapore Pte. Ltd.,Standard Chartered PLC

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