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Announcement:

Moody's affirms PSAI's Aaa ratings; outlook stable

09 Mar 2009

Approximately US$1 billion of debt affected

Hong Kong, March 09, 2009 -- Moody's Investors Service has affirmed PSA International's ("PSAI") Aaa issuer and senior unsecured debt ratings. The outlook for all ratings remains stable.

PSAI's Aaa rating combines: (1) the underlying credit strength of the group -- its Baseline Credit Assessment (BCA) of 6, which is equivalent to the A2 level under the Moody's Global Rating Scale, and a one-notch downward adjustment to A3 due to subordination by virtue of its investment holding company position; and (2) the strong support enjoyed from its major shareholder, Temasek Holdings (Private) Limited ("Temasek," Aaa/stable).

"Moody's expects Temasek to fully support PSAI, which is a world-class port operator, and which is important to Singapore, in terms of the benefits it brings, both economically and to the country's reputation," says Peter Choy, a Moody's Vice President and Senior Credit Officer.

Moody's overlays PSAI's A3 adjusted-BCA with Moody's Joint Default Analysis ("JDA") for government-related issuers ("GRIs"), which factors in Moody's assessment of the likelihood that Temasek will provide support in a distress situation. After taking into consideration Temasek's expected high level of support, this factor results in a final rating of Aaa.

PSAI group's BCA recognizes its (a) strong global market position and experienced management team; (b) profitable world class terminals in Singapore, and which support the group's expansion overseas; (c) profitable track record; and (d) assets, which are diversified and strategically located on important trade routes and in export countries.

Balancing such a strong operating profile are its financial metrics which were weakened in 2005 -2006, a result of debt funded PSAI's fast-paced investment strategy then. While PSAI made some debt prepayments in 2007, its credit metrics could still be further affected by the current deterioration in the container market.

PSAI's investments in partial interests in established port operators have almost doubled its asset size, and they are also changing its income mix of PSAI. With its investment in Hutchison Port, PSAI has a higher proportion of its assets in associates.

Despite some debt prepayments in 2007, PSAI's capital structure remains weak with moderately high debt leverage. Its credit metrics -- as measured by Adjusted Debt/EBITDA, EBITDA/Interest, and RCF/Adjusted Total Debt -- are weaker than it's peers.

"The current global economic downturn -- which has negatively affected international trade, global container flow and liner operators -- has put pressure on PSAI's sales and profitability," says Choy, adding "For this reason, the outlook for its BCA is negative".

However, the outlook of PSAI's Aaa rating is stable, reflecting Temasek's stable outlook. Moody's expects that PSAI will continue to generate relatively stable earnings and enjoy good access to the banking and capital markets. Furthermore, Moody's expects its management will not take on further significant fully debt-funded acquisitions and will conserve liquidity through an acceptable dividend policy, keeping payouts within 50% of net income.

Based on these assumptions, Moody's expects financial metrics in the following range: Adjusted Debt/EBITDA of 4.2x--5.1x, RCF/Adjusted Total Debt of 12%-9%, and EBITDA/interest of 3.9x - 5.6x.

PSAI's rating is highly sensitive to changes in Moody's assessment of the likelihood of support from Temasek. Accordingly, the rating would be downgraded if evidence emerged of a weakening in support from Temasek, such as changes in the ownership of PSAI, or possibly increasing debt leverage without new capital from Temasek, leading to a failure to meet Moody's expectations. The rating would also be downgraded if Temasek was downgraded.

Changes in PSAI's BCA would not impact its rating, unless the support levels from Temasek changed at the same time. Nevertheless, downgrade pressure on its BCA would emerge if there were changes in profitability or debt leverage, resulting in Adjusted Debt/EBITDA exceeding 5.5x, RCF/Adjusted Total Debt falling below 10%, and EBITDA/Interest falling below 3.0x - 2.5x.

As PSAI's JDA rating is Aaa, it cannot be upgraded further. On the other hand, PSAI's BCA could be improved if its financial profile strengthens, as evidenced by Adjusted Debt/EBITDA improving to 2x - 3x, RCF/Adjusted Total Debt in the range of 20% - 30%, and EBITDA/Interest improving to 5x -7x.

The last rating action was on 22 June 2006 when Moody's assigned a Aaa bond rating to PSAI after its announcement that it had acquired 20% interest in Hutchison Port.

PSAI's ratings have been assigned based on factors that Moody's believe are relevant to the risk profile of PSAI, such as the company's (i) business risk and competitive position compared with other firms within the industry; (iii) capital structure and financial risk; (iii) projected performance over the near to intermediate term; and (iv) management's track record and tolerance for risk. These attributes were compared against other issuers both within and outside PSAI's core industry; PSAI's ratings are believed to be comparable to those of other issuers of similar credit risk.

PSAI is a global top-tier port operator operating in 28 port projects in 16 countries across Asia, Europe and the Americas, with a global capacity of 111 million twenty-foot equivalent units ("TEUs"). Temasek owns 100% of PSAI, which in turn owns 100% of PSAC.

Hong Kong
Peter Choy
VP - Senior Credit Officer
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 3551-3077

Singapore
Tony Tsai
Senior Vice President
Corporate Finance Group
Moody's Singapore Pte Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (65) 6398-8308

Moody's affirms PSAI's Aaa ratings; outlook stable
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