Singtel's reported earnings before interest, taxes, depreciation and amortisation are forecast to decline by 11 to 13 per cent to between S$3.9 billion and S$4.1 billion in fiscal 2021, S&P noted. Meanwhile, adjusted Ebitda - which includes dividends from associates - is estimated to drop 6 to 8 per cent to between S$5.1 billion and S$5.2 billion.
Singtel's debt-to-Ebitda ratio for the year ending March 31, 2021 is expected to remain"largely unchanged" from S&P's previous forecast of 2.4 to 2.5 times in March 2020. This forecast assumed a higher level of dividend payout. At the level of Singtel's Australian subsidiary Optus, S&P predicts credit metrics to"remain under pressure" through fiscal 2021, given that the operating environment remains challenging.
Optus's standalone credit profile of BBB relies on the company maintaining disciplined capital management, including the adjusted debt-to-Ebitda ratio remaining below 2.75 times. "We expect management to take decisive actions to weather the earnings squeeze in fiscal 2021, including prudent spending and shareholder returns," S&P said.BT is now on Telegram!
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