Singtel secures $3 billion in bank credit for subsidiaries

SINGAPORE: Singapore Telecommunications’ (Singtel) subsidiaries have secured close to $3 billion in bank credit facilities, it said on Friday.

The deals include S$3.45 billion ($2.4 billion) of facilities for 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.