Bangkok--Jul 14--Moody's Investors Service
Moody's Investors Service published today the results of an examination of the ratings of corporate government-related entities in Asia Pacific (including Japan) in light of the introduction of its new rating methodology for Joint Default Analysis (JDA).
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 21 ratings upgraded and 39 ratings affirmed.
Below is a list of all corporate GRIs in Asia Pacific covered by the new
rating methodology, together with details of all rating actions taken.
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)
- Foreign/domestic currency ratings of the supporting government/GRI
shareholder (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 Corporate Government-Related Entities in Asia Pacific", also published today, which outlines the ranges of inputs and rating outcomes for every corporate GRI in Asia Pacific by country.
Australia
* SingTel Optus Limited *
- Optus Finance Pty Limited -- Backed Senior Unsecured Domestic Currency
Debt Rating -- Upgraded to Aa3/STA from A2/STA
- Optus Finance Pty Limited -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Aa3/STA from A2/STA
* Snowy Hydro Limited *
- Snowy Hydro Limited -- Senior Unsecured Domestic Currency Debt Rating -- Upgraded to A3/STA from Baa1/STA
* SPI Australia Holdings (Partnership) Ltd Pt *
- SPI Australia Holdings (Partnership) Ltd Pt -- Senior Unsecured Domestic Currency Debt Rating -- Affirmed at A1/STA
- SPI Australia Holdings (Partnership) Ltd Pt -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A1/STA
- SPI Electricity & Gas Australia Hldgs Pty Ltd -- Senior Unsecured Domestic Currency Debt Rating -- Affirmed at A1/STA
- SPI Electricity & Gas Australia Hldgs Pty Ltd -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A1/STA
- SPI Electricity Pty Ltd -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A1/STA
* Telstra Corporation Limited *
- Telstra Corporation Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at A1/NEG
- Telstra Corporation Limited -- Senior Unsecured Domestic Currency Debt Rating -- Affirmed at A1/NEG
- Telstra Corporation Limited -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A1/NEG
- Telstra Corporation Limited -- Short Term Foreign Currency Commercial Paper Rating -- Affirmed at P-1/NEG
- Telstra Corporation Limited -- Short Term Issuer Rating -- Affirmed at P-1/NEG
China
* China Merchants Holdings International Co Ltd *
- China Merchants Holdings International Co Ltd -- Long Term Foreign Currency Issuer Rating -- Affirmed at Baa2/STA
- CMHI Finance (Cayman) Inc. -- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Baa2/STA
* China Mobile (Hong Kong) Limited *
- China Mobile (Hong Kong) Limited -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A3/RFPU
* China National Offshore Oil Corporation *
- China National Offshore Oil Corporation -- Long Term Foreign Currency Issuer Rating -- Affirmed at A2/RFPD
* China Overseas Land & Investment Limited *
- China Overseas Finance (Cayman) I Limited -- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Baa3/STA
- China Overseas Land & Investment Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at Baa3/STA
* CITIC Hong Kong Holdings Ltd. *
- CITIC Hong Kong Finance Ltd. -- Backed Senior Unsecured Domestic Currency Debt Rating -- Affirmed at Ba1/STA
* CITIC Pacific Limited *
- CITIC Pacific Finance (2001) Limited -- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Baa3/STA
- CITIC Pacific Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at Baa3/STA
* CNOOC Limited *
- CNOOC Finance (2002) Limited -- Backed Senior Unsecured Domestic Currency Debt Rating -- Affirmed at A2/RFPD
- CNOOC Finance (2003) Limited -- Backed Senior Unsecured Domestic Currency Debt Rating -- Affirmed at A2/RFPD
- CNOOC Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at A2/RFPD
* GH Water Supply (Holdings) Limited *
- GH Water Supply (Holdings) Limited -- Backed Senior Secured Bank Credit Facility (Domestic Currency) -- Affirmed at Ba3/STA
- GH Water Supply (Holdings) Limited -- Long Term Domestic Currency Corporate Family Rating -- Affirmed at Ba2/STA
Hong Kong
* Kowloon-Canton Railway Corporation *
- Kowloon-Canton Railway Corporation -- Long Term Domestic Currency Issuer Rating -- Affirmed at Aa3/STA
- Kowloon-Canton Railway Corporation -- Long Term Foreign Currency Issuer Rating -- Affirmed at A1/STA
- Kowloon-Canton Railway Corporation -- Senior Unsecured Domestic Currency Debt Rating -- Affirmed at Aa3/STA
- Kowloon-Canton Railway Corporation -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Aa3/STA from A1/STA
- Kowloon-Canton Railway Corporation -- Short Term Issuer Rating --
Affirmed at P-1/STA
* MTR Corporation Limited *
- MTR Corporation (C.I.) Limited -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Aa3/STA from A1/STA
- MTR Corporation Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at A1/STA
- MTR Corporation Limited -- Senior Unsecured Domestic Currency Debt
Rating -- Affirmed at Aa3/STA
- MTR Corporation Limited -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Aa3/STA from A1/STA
- MTR Corporation Limited -- Short Term Issuer Rating -- Affirmed at
P-1/STA
India
* Indian Oil Corporation Ltd *
- Indian Oil Corporation Ltd -- Long Term Foreign Currency Issuer Rating -- Upgraded to Baa3/STA from Ba2/RFPU
* National Thermal Power Corporation *
- National Thermal Power Corporation -- Long Term Foreign Currency Issuer Rating -- Affirmed at Baa3/STA
Indonesia
* Excelcomindo Pratama (P.T.) *
- Excelcomindo Finance Company B.V. -- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at B1/STA
- Excelcomindo Pratama (P.T.) -- Long Term Domestic Currency Corporate Family Rating -- Affirmed at Ba3/STA
* Indosat Tbk. (P.T.) *
- Indosat Finance Company B.V. -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Ba3/POS from B1/POS
- Indosat International Finance Company B.V. -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Ba3/POS from B1/POS
- Indosat Tbk. (P.T.) -- Long Term Domestic Currency Issuer Rating -- Upgraded to Ba1/POS from Ba2/POS
- Indosat Tbk. (P.T.) -- Long Term Domestic Currency Corporate Family Rating -- Upgraded to Ba1/POS from Ba2/POS
* Perusahaan Gas Negara (P.T.) *
- Perusahaan Gas Negara (P.T.) -- Long Term Domestic Currency Corporate Family Rating -- Upgraded to Ba2/STA from Ba3/STA
- PGN Euro Finance 2003 Ltd. -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to B1/POS from B2/POS
* PT Aneka Tambang (Persero) Tbk (Antam) *
- Antam Finance Limited -- Backed Senior Unsecured Foreign Currency Debt Rating -- Outlook changed to B2/POS from B2/STA
- PT Aneka Tambang (Persero) Tbk (Antam) -- Long Term Domestic Currency Corporate Family Rating -- Upgraded to B1/STA from B2/STA
* Telekomunikasi Indonesia (P.T.) *
- Telekomunikasi Indonesia (P.T.) -- Long Term Domestic Currency Corporate Family Rating -- Upgraded to Ba1/STA from Ba3/RFPU
* Telekomunikasi Selular (P.T.) *
- Telekomunikasi Selular (P.T.) -- Long Term Domestic Currency Issuer Rating -- Upgraded to Baa2/STA from Ba2/RFPU
Japan
* Hanshin Expressway Public Corporation *
- Hanshin Expressway Public Corporation -- Long Term Domestic Currency Issuer Rating -- Affirmed at A2/STA
- Hanshin Expressway Public Corporation -- Senior Secured Domestic Currency Debt Rating -- Affirmed at A2/STA
* Japan Highway Public Corp. *
- Japan Highway Public Corp. -- Backed Senior Secured Foreign Currency Debt Rating -- Affirmed at Aaa/STA
- Japan Highway Public Corp. -- Long Term Domestic Currency Issuer Rating -- Affirmed at A2/STA
- Japan Highway Public Corp. -- Senior Secured Domestic Currency Debt Rating -- Affirmed at A2/STA
* Japan Tobacco, Inc. *
- Japan Tobacco, Inc. -- Long Term Foreign Currency Issuer Rating -- Upgraded to Aa2/STA from Aa3/STA
- Japan Tobacco, Inc. -- Senior Secured Domestic Currency Debt Rating -- Upgraded to Aa2/STA from Aa3/STA
- Japan Tobacco, Inc. -- Senior Secured Foreign Currency Debt Rating -- Upgraded to Aa2/STA from Aa3/STA
- JT Capital (U.K.) Plc -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Aa2/STA from Aa3/STA
* Nippon Telegraph and Telephone Corporation *
- Nippon Telegraph and Telephone Corporation -- Long Term Domestic Currency Issuer Rating -- Affirmed at Aa2/STA
- Nippon Telegraph and Telephone Corporation -- Long Term Foreign Currency Issuer Rating -- Affirmed at Aa2/STA
- Nippon Telegraph and Telephone Corporation -- Senior Secured Domestic Currency Debt Rating -- Affirmed at Aa2/STA
- Nippon Telegraph and Telephone Corporation -- Senior Secured Foreign Currency Debt Rating -- Affirmed at Aa2/STA
- Nippon Telegraph and Telephone Corporation -- Short Term Domestic Currency Commercial Paper Rating -- Affirmed at P-1/STA
- NTT Leasing Co., Ltd. (formerly NTT Finance Japan Co., Ltd.) -- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Aa2/STA
* Urban Renaissance Agency *
- Urban Renaissance Agency -- Long Term Domestic Currency Issuer Rating -- Affirmed at A2/STA
- Urban Renaissance Agency -- Senior Secured Domestic Currency Debt Rating -- Affirmed at A2/STA
Korea
* Korea East-West Power Co., Ltd. *
- Korea East-West Power Co., Ltd. -- Long Term Domestic Currency Issuer Rating -- Affirmed at A1/STA
- Korea East-West Power Co., Ltd. -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A2/STA
* Korea Electric Power Corporation *
- Korea Electric Power Corporation -- Long Term Domestic Currency Issuer Rating -- Affirmed at A1/STA
- Korea Electric Power Corporation -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A2/STA
* Korea Gas Corporation *
- Korea Gas Corporation -- Long Term Foreign Currency Issuer Rating -- Affirmed at A3/STA
- Korea Gas Corporation -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A3/STA
* Korea Highway Corporation *
- Korea Highway Corporation -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A3/STA
* Korea Hydro and Nuclear Power Company Limited *
- Korea Hydro and Nuclear Power Company Limited -- Long Term Domestic Currency Issuer Rating -- Affirmed at A1/STA
- Korea Hydro and Nuclear Power Company Limited -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A2/STA
* Korea Land Corporation *
- Korea Land Corporation -- Long Term Foreign Currency Issuer Rating -- Affirmed at A3/STA
- Korea Land Corporation -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A3/STA
* Korea Midland Power Co., Ltd. *
- Korea Midland Power Co., Ltd. -- Long Term Domestic Currency Issuer Rating -- Affirmed at A1/STA
- Korea Midland Power Co., Ltd. -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A2/STA
* Korea National Housing Corporation *
- Korea National Housing Corporation -- Long Term Foreign Currency Issuer Rating -- Affirmed at A3/STA
- Korea National Housing Corporation -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A3/STA
* Korea South-East Power Co., Ltd. *
- Korea South-East Power Co., Ltd. -- Long Term Domestic Currency Issuer Rating -- Affirmed at A1/STA
- Korea South-East Power Co., Ltd. -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A2/STA
* Korea Southern Power Co., Ltd *
- Korea Southern Power Co., Ltd -- Long Term Domestic Currency Issuer Rating -- Affirmed at A1/STA
- Korea Southern Power Co., Ltd -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at A2/STA
* Korea Water Resources Corporation *
- Korea Water Resources Corporation -- Long Term Domestic Currency Issuer Rating -- Affirmed at A2/STA
- Korea Water Resources Corporation -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A2/STA from A3/STA
Malaysia
* Malaysia International Shipping Corp. Berhad *
- Malaysia International Shipping Corp. Berhad -- Long Term Domestic Currency Issuer Rating -- Upgraded to A2/STA from Baa1/POS
- MISC Capital (L) Limited -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A2/STA from Baa1/STA
* Petroliam Nasional Berhad *
- Petroliam Nasional Berhad -- Long Term Domestic Currency Issuer Rating -- Upgraded to A1/STA from A2/POS
- Petroliam Nasional Berhad -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A1/STA from A2/POS
- Petronas Capital Ltd -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A1/STA from A2/STA
* Telekom Malaysia Berhad *
- Telekom Malaysia Berhad -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A2/STA from A3/STA
- TM Global Incorporated -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A2/STA from A3/STA
* Tenaga Nasional Berhad *
- Tenaga Nasional Berhad -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Baa1/STA from Baa2/STA
- TNB Capital (L) Ltd -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Baa1/STA from Baa2/STA
New Zealand
* Air New Zealand Limited *
- Air New Zealand Limited -- Long Term Foreign Currency Issuer Rating -- Upgraded to Ba1/STA from Ba2/STA
* Housing New Zealand Limited *
- Housing New Zealand Limited -- Senior Unsecured Domestic Currency Debt Rating -- Affirmed at Aaa/STA
- Housing New Zealand Limited -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Aaa/STA
- Housing New Zealand Limited -- Short Term Issuer Rating -- Affirmed at P-1/STA
* Transpower New Zealand Limited *
- Transpower Finance Limited -- Backed Senior Unsecured Domestic Currency Debt Rating -- Affirmed at Aa2/STA
- Transpower Finance Limited -- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Aa2/STA
- Transpower Finance Limited -- Backed Short Term Foreign Currency Commercial Paper Rating -- Affirmed at P-1/STA
- Transpower New Zealand Limited -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Aa2/STA
- Transpower New Zealand Limited -- Short Term Domestic Currency Commercial Paper Rating -- Affirmed at P-1/STA
- Transpower New Zealand Limited -- Short Term Issuer Rating -- Affirmed at P-1/STA
The Philippines
* Globe Telecom, Inc. *
- Globe Telecom, Inc. -- Long Term Domestic Currency Corporate Family Rating -- Affirmed at Baa3/POS
- Globe Telecom, Inc. -- Senior Unsecured Foreign Currency Debt Rating --upgraded to Ba2/NEG from Ba3/POS
* National Power Corporation *
- National Power Corporation -- Backed Senior Unsecured Domestic Currency Debt Rating -- Affirmed at B1/NEG
- National Power Corporation -- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at B1/NEG
Singapore
* PSA Corporation (The) *
- PSA Corporation (The) -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Aaa/STA
* Singapore Power Limited *
- Singapore Power Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at Aa1/STA
* Singapore Technologies Engineering Ltd. *
- Singapore Technologies Engineering Ltd. -- Long Term Foreign Currency Issuer Rating -- Affirmed at Aaa/STA
* Singapore Telecommunications Limited *
- Singapore Telecommunications Limited -- Senior Unsecured Domestic Currency Debt Rating -- Upgraded to Aa2/STA from A1/STA
- Singapore Telecommunications Limited -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to Aa2/STA from A1/STA
* SP PowerAssets Ltd *
- SP PowerAssets Ltd -- Long Term Domestic Currency Issuer Rating -- Affirmed at Aa1/STA
- SP PowerAssets Ltd -- Senior Unsecured Domestic Currency Debt Rating --Affirmed at Aa1/STA
- SP PowerAssets Ltd -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Aa1/STA
* STATS ChipPAC Ltd. *
- STATS ChipPAC Ltd. -- Long Term Domestic Currency Corporate Family Rating -- Affirmed at Ba2/STA
- STATS ChipPAC Ltd. -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Ba2/STA
* Temasek Holdings (Private) Limited *
- Temasek Holdings (Private) Limited -- Long Term Domestic Currency Issuer Rating -- Affirmed at Aaa/STA
- Temasek Holdings (Private) Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at Aaa/STA
Thailand
* Aromatics (Thailand) Public Company Ltd (The) *
- Aromatics (Thailand) Public Company Ltd (The) -- Long Term Domestic Currency Issuer Rating -- Affirmed at (P)Baa3/STA
- Aromatics (Thailand) Public Company Ltd (The) -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at (P)Baa3/STA
* Electricity Generating Authority of Thailand *
- Electricity Generating Authority of Thailand -- Structured Issue Rating -- Affirmed at A1/STA
* PTT Exploration & Production Public Co. Ltd. *
- PTT Exploration & Production Public Co. Ltd. -- Long Term Domestic Currency Issuer Rating -- A2/STA assigned
- PTT Exploration & Production Public Co. Ltd. -- Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A2/STA from Baa1/STA
- PTT Exploration and Production Int'l. Ltd. -- Backed Senior Unsecured Foreign Currency Debt Rating -- Upgraded to A2/STA from Baa1/STA
* PTT Public Company Limited *
- PTT Public Company Limited -- Long Term Domestic Currency Issuer Rating -- Upgraded to A2/STA from A3/STA
- PTT Public Company Limited -- Long Term Foreign Currency Issuer Rating -- Affirmed at Baa1/STA
- PTT Public Company Limited -- Senior Unsecured Foreign Currency Debt
Rating -- Upgraded to A2/STA from Baa1/STA
* Thai Oil Public Company Ltd *
- Thai Oil Public Company Ltd -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Baa1/STA
* Thai Olefins Public Company Limited *
- Thai Olefins Public Company Limited -- Long Term Domestic Currency Issuer Rating -- Affirmed at Baa3/STA
- Thai Olefins Public Company Limited -- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Baa3/STA
Hong Kong
Clara Lau / Tomomichi Nagaoka
SVP / SVP
Corporate Finance Group
Moody's Asia Pacific Ltd.
Telephone: 852-2509-0200
Facsimile: 852-2509-0165
Brian Cahill / Takahiro Morita
Analyst
Corporate Finance Group End.