Bangkok--16 Nov--Moody's Asia
Moody's Investors Service announced today that it has upgraded to Aaa from Aa3 the ratings of the following series
of mortgage-backed securities issued by Bauhinia MBS Limited. The complete rating actions are as follows: Issuer: Bauhinia MBS Limited
- Series 2003-1, HK$1,000 million Class A-1 Notes due November 2024, upgraded to Aaa from Aa3
- Series 2003-1, HK$1,000 million Class A-2 Notes due November 2024, upgraded to Aaa from Aa3
- Series 2003-1, HK$1,000 million Class A-3 Notes due November 2024, upgraded to Aaa from Aa3
- Series 2004-2, HK$400 million Class B Retail Notes due November 2007, upgraded to Aaa from Aa3
- Series 2004-2, HK$250 million Class C Retail Notes due November 2008, upgraded to Aaa from Aa3
- Series 2004-2, HK$450 million Class A-1 Professional Notes due November 2010, upgraded to Aaa from Aa3
- Series 2004-2, HK$650 million Class A-2 Professional Notes due November 2014, upgraded to Aaa from Aa3
- Series 2005-1, HK$400 million Class A-1 Notes due December 2008, upgraded to Aaa from Aa3
- Series 2005-1, HK$600 million Class A-2 Notes due April 2014, upgraded to Aaa from Aa3
The rating actions are prompted by the recent upgrade of the Hong Kong Mortgage Corporation's ("HKMC") long-term local currency issuer rating to Aaa from Aa3 on 30 October 2006. The notes of these particular series benefit from HKMC's direct, unconditional, and irrevocable guarantee. As such, the ratings on these series of notes are closely linked to HKMC's
rating.
Moody's Investors Service is a publisher of rating opinions and research.
It is not involved in the offering or sale of any securities, nor is it acting on behalf of the offering party. This release is not a solicitation or a recommendation to buy, hold or sell securities.
Hong Kong
Min Ye
Managing Director
Structured Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121