This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Extremely high likelihood of extraordinary support from the Singapore government. Concentration risks in infrastructure sector. Access to highly favorable funding costs, with sovereign guarantees. Profitability comparable to large Singapore banks. The company plays a very important role in helping the government achieve its key economic objectives. CCH also has integral links with the government via ownership and oversight. The company is the only Singapore government-related entity (GRE) to benefit from government guarantees on the debt obligations of its key operating subsidiaries, with backing from the national reserves. While the company's two main operating
