Bangkok--Jul 14--Moody's Investors Service
Moody's Investors Service published today the results of an examination of the ratings of government-related non-depository financial institutions in Asia Pacific in light of the introduction of its new rating methodology for government-related issuers ("GRIs").
In April 2005, Moody's published a Rating Methodology report, entitled "The Application of Joint-Default Analysis to Government-Related Issuers". The new methodology formally disaggregates the ratings of GRIs into four components: (i) an assessment of the GRI's baseline credit risk, (ii) the default risk of the supporting government, (iii) the default dependence between the GRI and the government, and (iv) the expected level of support from the government.
The application of the new methodology resulted in the ratings for all non-depository financial institution GRIs in Asia being affirmed. The ratings outlooks for all non-depository financial institution GRIs in Asia Pacific remain unchanged.
Below is a list of all non-depository financial institution GRIs in Asia Pacific covered by the new rating methodology.
As previously indicated, in addition to the ratings assigned to issuers and debt securities, Moody's has also published ranges of methodology inputs for each GRI, as follows:
- Baseline credit assessment, on a scale of 1 (lowest credit risk) to 6 (highest credit risk)
- Local currency bond rating of the supporting government (as published by Moody's)
- Dependence, expressed as low, medium or high
- Support, expressed as low, medium or high
For details of these input ranges for individual GRIs, please refer to
Moody's Special Comment entitled "Rating Government-Related Non-Depository Financial Institutions in Asia Pacific", also published today, which outlines the ranges of inputs and rating outcomes for every non-depository financial institution GRI in Asia Pacific by country.
RATINGS AFFIRMED WITH NO CHANGE IN RATING OUTLOOKS:
AUSTRALIA
State Electricity Commission of Victoria
Backed Senior Unsecured (domestic currency) - Aaa
CHINA
China Development Bank
Senior Unsecured (foreign currency) -- A2
Outlook - Stable
CITIC Group
Senior Unsecured (foreign currency) -- Baa2
Bank Financial Strength - D
Outlook - Negative
Export-Import Bank of China
Senior Unsecured -- A2
Outlook - Stable
HONG KONG
The Hong Kong Mortgage Corporation Ltd.
Issuer Rating (foreign currency) -- A1
Issuer Rating (domestic currency) -- Aa3
Senior Unsecured (domestic currency) -- Aa3
Short-term Issuer Rating -- P-1
Outlook - Stable
JAPAN
Japan Bank for International Cooperation
Issuer Rating (domestic currency) -- A2
Senior Secured (domestic currency) -- A2
Backed Senior Unsecured (foreign currency) -- Aaa
Outlook -- Stable
Development Bank of Japan
Issuer Rating (domestic currency) -- A2
Senior Secured (domestic currency) -- A2
Backed Senior Unsecured (foreign currency) -- Aaa
Backed Senior Unsecured (domestic currency) -- A2
Outlook -- Stable
Japan Finance Corporation for Municipal Enterprises
Backed Senior Unsecured (foreign currency) -- Aaa
Backed Senior Unsecured (domestic currency) -- A2
Outlook - Stable
Japan Finance Corporation for Small and Medium Enterprise
Issuer Rating (domestic currency) -- A2
Senior Secured (domestic currency) -- A2
Backed Senior Unsecured (foreign currency) -- Aaa
Backed Senior Unsecured (domestic currency) -- A2
Outlook - Stable
Shoko Chukin Bank
Long-term Deposits -- A2
Short-term Deposits -- P-1
Bank Financial Strength -- E+
Outlook - Stable
KOREA
Korea Deposit Insurance Corporation
Senior Unsecured (foreign currency) -- A3
Outlook - Stable
Korea Rail Network Authority
Issuer Rating (foreign currency) -- A3
Outlook - Stable
The Export-Import Bank of Korea
Senior Unsecured (foreign currency) -- A3
Commercial Paper -- P-2
Other Short Term (foreign currency) -- P-2
Outlook - Stable
MALAYSIA
Sarawak Economic Development Corporation
Issuer Rating -- Baa1
Outlook - Stable
THAILAND
Export-Import Bank of Thailand
Issuer Rating -- Baa1
Outlook - Stable
NOTE TO JOURNALISTS ONLY: For a copy of this report, please contact New
York Press Information +1-212-553-0376; Anna Passey in London +44-20-7772-5456; Louisa Pearce-Smith in Paris +33-1-5330-1073; Juan Pablo Soriano in Madrid +34-91-310-1454; Henry McNevin in Milan +39-02-58-215-580; Hector Lim in Sydney +612 9270 8102; Detlef Scholz in Frankfurt +49-69-707-30-700; Adel Satel in Limassol +357-25-586-586; Tokyo Press Information +813-5408-4110; Hilary Parkes in Toronto
+1-416-214-1635; Hong Kong Press Information +852-2916-1150; Luiz Tess in Sใo Paulo +55-11-3443-7444; Benito Solis in Mexico City +5255-9171-1817; Jose Fenner in Buenos Aires +54 11-4816-2332 ext. 118, or Reynold Leegerstee in Johannesburg +27-11-217-5471. Or visit our website at www.moodys.com.
Tokyo
Elisabeth Rudman
Vice President - Senior Analyst
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Hong Kong
Wei S. Yen
Managing Director
Financial Institutions Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165 End.