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Announcement:

MOODY'S AFFIRMS PSA CORP'S Aaa ISSUER RATING; OUTLOOK STABLE

05 Jun 2006
MOODY'S AFFIRMS PSA CORP'S Aaa ISSUER RATING; OUTLOOK STABLE

Hong Kong, June 05, 2006 -- Moody's Investors Service has affirmed the Aaa issuer rating of PSA Corporation Limited ("PSAC") after its rating assessment of PSA International Pte Ltd ("PSAI") and review of the relationship between the two companies against the backdrop of the expanded business of PSAI.

"Moody's expects PSAC, which is a world-class port operator and important to Singapore strategically and reputationally, to receive full support from PSAI, an Aaa-rated issuer," says Peter Choy, a VP/Senior Credit Officer and Moody's lead analyst for PSAC.

PSAC is the key profitable port asset of PSAI which is assessed by Moody's as a Government Related Issuer ("GRI") by virtue of Temasek's (rating Aaa rating; Outlook stable) 100% ownership. PSAC indirectly benefits from the GRI relationship and its rating is assessed using the Joint Default Analysis ("JDA") rating methodology for Government Related Issuers.

PSAC's Aaa rating is based upon the following inputs: (a) Moody's expectation of a high level of support from PSAI; (b) the high dependency between PSAC and PSAI ; and (c) a Baseline Credit Analysis rating of 3 on a scale of 6 where 1 represents the lowest credit risk.

PSAC is the key and most profitable port asset of PSAI, and is connected to the other ports of the group. This close relationship substantiates high-level support from PSAI to PSAC and high dependence between the two companies.

Moody's Baseline Credit Analysis assesses PSAC's strengths in its business, financial profile and relationship with PSAI.

The outlook for PSAC is stable. Moody's expects management will continue with its prudent financial management policy, keeping debt at current levels, as measured by Adjusted Total Debt /EBITDA below 2.0x.

A rating of Aaa can not be upgraded any further. Meanwhile, the BCA rating of PSAC could be considered for upgrade if (a) there is an upgrade in the PSAI group's own BCA rating; and (b) dividend obligations decline as evidenced by sustainable improvements in RCF/Adjusted Total Debt to 30% or above.

On the other hand, the rating could be subject to a downgrade if there is any change in (a) the rating of PSAI; or (b) the support factor between PSAC and PSAI, its parent; most likely due to a change in PSAI's ownership of PSAC, or PSAC's privatisation.

The BCA of PSAC may be downgraded if its financial position weakens due to (a) the assumption of further debt, such that Adjusted Total Debt to EBITDA surpasses 2.5x or EBITDA/interest falls below 9x; or (b) dividend payments persist at 100% of net income or higher.

PSAC was formed in 1997 as the corporate successor to the Port of Singapore Authority. In 2003, the company became a wholly subsidiary of PSAI and currently operates 41 berths in Singapore and achieved a throughput of 22.3 million TEUs in 2005.

Sydney
Brian Cahill
Managing Director
Corporate Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

Hong Kong
Peter Choy
VP - Senior Credit Officer
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121

No Related Data.
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