The development, says S&P in its Dec 24 note, "casts uncertainty over the company's future."
"Given SingPost's record of frequent turnover in management, the latest departures increase the company's credit risks," says S&P.
The ratings agency had on Dec 5 put its 'BBB' long-term issuer credit rating on SingPost and its 'BB+' issue rating on the subordinated perpetual securities that the company guarantees on CreditWatch with negative implications.
"We did this to reflect a heightened probability that we might lower our ratings one notch following the company's intention to reset its strategy and sell its Australia business," reiterates S&P, referring to the proposal on Dec 2 by SingPost to sell FMH for an enterprise value of A$1.02 billion.
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S&P expects SingPost to announce its new strategy when it reports its 1HFY2026 earnings for the six months ending March 2025.
SingPost shares ended Dec 24 at 52 cents, up 3% for the day.
