Statement on S&P Global Ratings’ Announcement

Singapore, 23 March 2022 – Singapore Technologies Engineering Ltd (ST Engineering) refers to the announcement by S&P Global Ratings dated 23 March 2022 (as attached).

Following ST Engineering’s announcement on 3 October 2021 on the proposed acquisition of TransCore Partners, LLC and TLP Holdings, LLC (collectively “TransCore”) to be funded with additional debt, S&P placed ST Engineering’s AAA credit rating on CreditWatch with negative implications in its article published on 7 October 2021.

With the closing of the TransCore acquisition announced on 18 March 2022, S&P concluded its review and announced that ST Engineering’s credit rating is downgraded to AA+/Stable (high investment grade).

ST Engineering’s credit rating by Moody’s is currently Aaa (negative outlook).

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