Bangkok--25 May--Moody's Investors Service
Moody's Investors Service has today upgraded the ratings of 15 companies in Asia Pacific following an examination of corporate sector ratings throughout the region in light of the revision of its rating methodology for "Foreign-Currency Ceilings". The companies affected are in Hong Kong, Korea, India, the Philippines and Thailand.
For a detailed discussion of Moody's new policy, please refer to Moody's Rating Methodology, entitled "Revised Foreign-Currency Ceilings to Reflect Risk of a Payments Moratorium in Wake of Government Default" and also published today.
The new policy incorporates into foreign currency ceiling ratings the possibility that a foreign currency government bond default would not automatically result in defaults on the foreign currency debt of companies domiciled in the same country as the government defaulting.
Below is a list of all the corporate issuers in Asia Pacific affected by the application of this revised methodology, together with details of all rating actions taken.
Hong Kong
*CLP Power Hong Kong Limited*
- Long-Term Foreign Currency Issuer Rating—Upgraded to Aa3/Stable from
A1/Stable
- Long-Term Local Currency Issuer Rating—Affirmed at Aa3/Stable
- Senior Unsecured Foreign Currency Debt Rating —Affirmed at Aa3/Stable
- Short-Term Issuer Rating -- Affirmed at P-1/Stable
*Kowloon-Canton Railway Corporation*
- Long-Term Foreign Currency Issuer Rating—Upgraded to Aa3/Stable from
A1/Stable
- Long-Term Local Currency Issuer Rating—Affirmed at Aa3/Stable
- Senior Unsecured Foreign Currency Debt Rating—Affirmed at Aa3/Stable
- Short-Term Issuer Rating -- Affirmed at P-1/Stable
*MTR Corporation Limited*
- Long-Term Foreign Currency Issuer Rating -- Upgraded to Aa3/Stable from A1/Stable
- Long-Term Local Currency Issuer Rating -- Affirmed at Aa3/Stable
- Senior Unsecured Foreign Currency Debt Rating -- Affirmed at Aa3/Stable
- Short-Term Issuer Rating -- Affirmed at P-1/Stable
- MTR Corporation (C.I.) Limited
-- Backed Senior Unsecured Foreign Currency Debt Rating -- Affirmed at
Aa3/Stable
India
*Indian Oil Corporation*
- Long-Term Foreign Currency Issuer Rating -- Upgraded to Baa2/Stable
from Baa3/Stable
Korea
*Korea East-West Power Co. Ltd*
- Senior Unsecured Foreign Currency Debt Rating—Upgraded to A1/Stable
from A2/Positive
- Long-Term Local Currency Issuer Rating—Affirmed at A1/Stable
*Korea Electric Power Corporation*
- Senior Unsecured Foreign Currency Debt Rating—Upgraded to A1/Stable
from A2/Positive
- Long-Term Local Currency Issuer Rating—Affirmed at A1/Stable
*Korea Hydro and Nuclear Power Company*
- Long-Term Foreign Currency Issuer Rating—Upgraded to A1/Stable from
A3/Stable
- Senior Unsecured Foreign Currency Debt Rating—Upgraded to A1/Stable
from A2/Positive
- Long-Term Local Currency Issuer Rating—Affirmed at A1/Stable
*Korea Midland Power Co., Ltd*
- Senior Unsecured Foreign Currency Debt Rating—Upgraded to A1/Stable
from A2/Positive
- Long-Term Local Currency Issuer Rating—Affirmed at A1/Stable
*Korea South-East Power Co., Ltd*
- Senior Unsecured Foreign Currency Debt Rating—Upgraded to A1/Stable
from A2/Positive
- Long-Term Local Currency Issuer Rating—Affirmed at A1/Stable
*Korea Southern Power Co., Ltd*
- Senior Unsecured Foreign Currency Debt Rating—Upgraded to A1/Stable
from A2/Positive
- Long-Term Local Currency Issuer Rating—Affirmed at A1/Stable
*Korea Western Power Co., Ltd*
- Senior Unsecured Foreign Currency Debt Rating—Upgraded to A1/Stable
from A2/Positive
- Long-Term Local Currency Issuer Rating—Affirmed at A1/Stable
*Samchully Company Limited*
- Long-Term Foreign Currency Issuer Rating—Upgraded to A2/Stable from
A3/Positive
- Long-Term Local Currency Issuer Rating—Affirmed at A2/Stable
*SK Telecom Co., Ltd*
- Long-Term Foreign Currency Issuer Rating—Upgraded to A2/Stable from
A3/Positive
- Long-Term Local Currency Issuer Rating—Affirmed at A2/Stable
- Senior Unsecured Foreign Currency Debt Rating—Affirmed at A2/Stable
The Philippines
*URC Philippines, Limited*
- Backed Senior Unsecured Foreign Currency Debt Rating—Upgraded to
Ba3/Negative from B1/Negative
- Long-Term Local Currency Corporate Family Rating—Affirmed at Ba3/Stable
Thailand
*PTT Public Company Limited*
- Long-Term Foreign Currency Issuer Rating—Upgraded to A3/Stable from
Baa1/Stable
- Long-Term Local Currency Issuer Rating—Affirmed at A2/Stable
- Senior Unsecured Debt Rating —Affirmed at A2/Stable
Hong Kong
Clara Lau
Senior Vice President
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121
Sydney
Brian Cahill
Managing Director
Corporate Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100