Singapore Airlines 2009 Annual Report Download - page 188
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186
36 Financial Risk Management Objectives and Policies (in $ million) (continued)
(e) Counterparty risk (continued)
The Group The Company
Percentage Percentage
Outstanding of total Outstanding of total
Counterparty balance fi nancial assets balance fi nancial assets
profi les 2009 2008 2009 2008 2009 2008 2009 2008
By Moody’s credit ratings:
Investment grade (A to Aaa) 4,884.2 6,050.1 73.1% 74.6% 4,376.8 5,144.6 73.7% 77.4%
Investment grade (Baa) 3.1 0.1 0.0% 0.0% 1.1 0.1 0.0% 0.0%
Non-rated 1,505.4 1,576.9 22.6% 19.5% 1,054.2 1,219.9 17.7% 18.3%
6,392.7 7,627.1 95.7% 94.1% 5,432.1 6,364.6 91.4% 95.7%
(f) Liquidity risk
At 31 March 2009, the Group had at its disposal, cash and short-term deposits amounting to $3,848.0
million (2008: $5,119.0 million). In addition, the Group had available short-term credit facilities of about
$486.1 million (2008: $200.0 million). The Group also has Medium Term Note Programmes under
which it may issue notes up to $1,300.0 million (2008: $1,500.0 million). Under these Programmes,
notes issued by the Company may have maturities as may be agreed with the relevant fi nancial
institutions, and notes issued by one of its subsidiary companies may have maturities between one
month and ten years.
The Group’s holdings of cash and short-term deposits, together with committed funding facilities and
net cash fl ow from operations, are expected to be suffi cient to cover the cost of all fi rm aircraft deliveries
due in the next fi nancial year. It is expected that any shortfall would be met by bank borrowings or
public market funding. Due to the necessity to plan aircraft orders well in advance of delivery, it is not
economical for the Group to have committed funding in place at present for all outstanding orders,
many of which relate to aircraft which will not be delivered for several years. The Group’s policies in
this regard are in line with the funding policies of other major airlines.
NOTES TO THE FINANCIAL STATEMENTS
31 March 2009