Public Markers

Our Temasek Review, Credit Profile and Temasek Bonds serve as public markers to anchor our commitment as a robust and disciplined institution through generations.

The Temasek Review presents our annual scoreboard to our stakeholders.

As a Singapore exempt private company, Temasek is exempted from disclosing financial information publicly. However, we have published our Temasek Review annually since 2004.

Our Credit Profile provides a snapshot of Temasek’s key credit parameters across three dimensions – interest coverage, debt service coverage and leverage. Our Credit Profile reflects the fundamental strength of our financial position as an investment company. It facilitates a quantitative assessment of Temasek’s credit quality.

We issue Temasek Bonds and Euro-commercial Paper as part of our financial discipline. Their credit spreads in the market act like canaries in coal mines, to publicly signal changes in Temasek’s credit.

We have been rated AAA/Aaa by S&P Global Ratings and Moody’s Investors Service respectively since our inaugural ratings in 2004. From time to time, rating agencies may modify their rating criteria. Such criteria changes may lead to a revision in the rating assigned to an entity, sometimes even when the entity’s financial position has not changed.

Temasek needs to be neither credit rated nor borrow in order to invest.

Our public markers instil financial discipline, broaden our stakeholder base, and facilitate our communications with the wider community.

Temasek needs to be neither credit rated nor borrow in order to invest.

Our primary sources of funds include divestment proceeds as well as dividends.

Institutional Discipline

Public Marker Function Indicator
Temasek Review Performance scoreboard Portfolio strategy and performance
Credit Profile Snapshot of credit quality Credit ratios and key financial parameters
Temasek Bonds Singing canaries in coal mines Real time market signals of changes in Temasek’s credit