Moody's Investors Services re-affirmed Temasek Holdings' Aaa rating and stable outlook in comments on the investment firm's latest results released last Thursday.

The ratings service found that Temasek's financial leverage remained low, as measured using both book values and market values.

Temasek also reported a net cash and limited near-term debt, indicating an excellent liquidity position.

Elizabeth Allen, a Moody's senior credit officer said that "the declines (in value and profitability) did not much affect the fundamental financial strength of the company".

According to its comments released on Sep 21, "The (Aaa) rating is further underscored by steady recurring dividend income as well as a high-quality investment portfolio".

It also said that based on Moody's expectation of a high likelihood of government support and dependency, the Aaa rating would come under pressure only if both the ratings of the company and the Singapore government, also rated Aaa, were lowered.

Temasek's most recent results showed that it's portfolio had rebounded from S$130 billion to S$172 billion as at July 31.

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