s://.straitstimes.com/business/companies-markets/fitch-downgrades-ratings-for-singtel-and-optus

The ratings downgrade reflects weaker-than-expected growth prospects as well as capital expenditure pressure resulting in higher leverage than previously anticipated, Fitch said in a statement last Friday.

The agency expects Singtel's net leverage - defined as FFO (funds from operations) adjusted net leverage - to rise to around 2.5 times in the financial years ending March 2021 and March 2022.