Moody's rates Asia government-related issuers

Moody's Investors Service said it published the results of an examination of the ratings of corporate government-related issuers in Asia Pacific in light of the introduction of its new rating methodology for joint default analysis.

The agency noted that the new methodology formally disaggregates the ratings of GRIs into four components: an assessment of the GRI's baseline credit risk, the default risk of the supporting government, the default dependence between the GRI and the government and the expected level of support from the government.

The application of the new methodology resulted in the following upgrades and affirmations:

CHINA: China Merchants Holdings International Co Ltd, long-term foreign currency issuer rating, affirmed at Baa2/stable; CMHI Finance (Cayman) Inc., backed senior unsecured foreign currency debt rating, affirmed at Baa2/stable; China Mobile (Hong Kong) Ltd., senior unsecured foreign currency debt rating, affirmed at A3/RFPU; China National Offshore Oil Corp., long-term foreign currency issuer rating, affirmed at A2/RFPD; China Overseas Finance (Cayman) I Ltd., backed senior unsecured foreign currency debt rating, affirmed at Baa3/stable; China Overseas Land & Investment Ltd., long-term foreign currency issuer rating, affirmed at Baa3/stable; CITIC Hong Kong Finance Ltd., backed senior unsecured domestic currency debt rating, affirmed at Ba1/stable; CITIC Pacific Finance (2001) Ltd., backed senior unsecured foreign currency debt rating, affirmed at Baa3/stable; long-term foreign currency issuer rating, affirmed at Baa3/stable; Cnooc Finance (2002) Ltd., backed senior unsecured domestic currency debt rating, affirmed at A2/RFPD; Cnooc Finance (2003) Ltd., backed senior unsecured domestic currency debt rating, affirmed at A2/RFPD; Cnooc Ltd., long-term foreign currency issuer rating, affirmed at A2/RFPD; GH Water Supply Holdings Ltd., backed senior secured Bank Credit Facility (domestic currency), affirmed at Ba3/stable, long-term domestic currency corporate family rating, affirmed at Ba2/stable.

HONG KONG: Kowloon-Canton Railway Corp., long-term domestic currency issuer rating, affirmed at Aa3/stable; long-term foreign currency issuer rating, affirmed at A1/stable, senior unsecured domestic currency debt rating, affirmed at Aa3/stable, senior unsecured foreign currency debt rating, upgraded to Aa3/stable from A1/stable, short-term issuer rating, affirmed at P-1/stable; MTR Corp. (C.I.) Ltd., backed senior unsecured foreign currency debt rating, upgraded to Aa3/stable from A1/stable, long-term foreign currency issuer rating, affirmed at A1/stable, senior unsecured domestic currency debt rating, affirmed at Aa3/stable, senior unsecured foreign currency debt rating, upgraded to Aa3/stable from A1/stable, short-term issuer rating, affirmed at P-1/stable.

INDONESIA: Excelcomindo Finance Co. BV, backed senior unsecured foreign currency debt rating, affirmed at B1/stable; Excelcomindo Pratama PT, long-term domestic currency corporate family rating, affirmed at Ba3/stable; Indosat Finance Co. BV, backed senior unsecured foreign currency debt rating, upgraded to Ba3/positive from B1/positive; Indosat International Finance Co. BV, backed senior unsecured foreign currency debt rating, upgraded to Ba3/positive from B1/positive; Indosat Tbk. PT, long-term domestic currency issuer rating, upgraded to Ba1/positive from Ba2/positive, long-term domestic currency corporate family rating, upgraded to Ba1/positive from Ba2/positive; Perusahaan Gas Negara PT, long-term domestic currency corporate family rating, upgraded to Ba2/stable from Ba3/stable; PGN Euro Finance 2003 Ltd., backed senior unsecured foreign currency debt rating, upgraded to B1/positive from B2/positive; Antam Finance Ltd., backed senior unsecured foreign currency debt rating, outlook changed to B2/positive from B2/stable; PT Aneka Tambang (Persero) Tbk (Antam), long-term domestic currency corporate family rating, upgraded to B1/stable from B2/stable; Telekomunikasi Indonesia PT, long-term domestic currency corporate family rating, upgraded to Ba1/stable from Ba3/RFPU; Telekomunikasi Selular PT; Telekomunikasi Selular PT, long-term domestic currency issuer rating, upgraded to Baa2/stable from Ba2/RFPU.

KOREA: Korea East-West Power Co., Ltd., long-term domestic currency issuer rating, affirmed at A1/stable, senior unsecured foreign currency debt rating, affirmed at A2/stable; Korea Electric Power Corp., long-term domestic currency issuer rating, affirmed at A1/stable, senior unsecured foreign currency debt rating, affirmed at A2/stable; Korea Gas Corp., long-term foreign currency issuer rating, affirmed at A3/stable, senior unsecured foreign currency debt rating, affirmed at A3/stable; Korea Highway Corp., senior unsecured foreign currency debt rating, affirmed at A3/stable; Korea Hydro and Nuclear Power Co. Ltd., long-term domestic currency issuer rating, affirmed at A1/stable, senior unsecured foreign currency debt rating, affirmed at A2/stable; Korea Land Corp., long-term foreign currency issuer rating, affirmed at A3/stable, senior unsecured foreign currency debt rating, affirmed at A3/stable; Korea Midland Power Co., Ltd., long-term domestic currency issuer rating, affirmed at A1/stable, senior unsecured foreign currency debt rating, affirmed at A2/stable; Korea National Housing Corp., long-term foreign currency issuer rating, affirmed at A3/stable, senior unsecured foreign currency debt rating, affirmed at A3/stable; Korea South-East Power Co., Ltd., long-term domestic currency issuer rating, affirmed at A1/stable, senior unsecured foreign currency debt rating, affirmed at A2/stable; Korea Southern Power Co., Ltd, long-term domestic currency issuer rating, affirmed at A1/stable, senior unsecured foreign currency debt rating, affirmed at A2/stable; Korea Water Resources Corp., long-term domestic currency issuer rating, affirmed at A2/stable, senior unsecured foreign currency debt rating, upgraded to A2/stable from A3/stable.

MALAYSIA: Malaysia International Shipping Corp. Bhd., long-term domestic currency issuer rating, upgraded to A2/stable from Baa1/positive; MISC Capital (L) Ltd., backed senior unsecured foreign currency debt rating, upgraded to A2/stable from Baa1/stable; Petroliam Nasional Bhd., long-term domestic currency issuer rating, upgraded to A1/stable from A2/positive, senior unsecured foreign currency debt rating, upgraded to A1/stable from A2/positive; Petronas Capital Ltd, backed senior unsecured foreign currency debt rating, upgraded to A1/stable from A2/stable; Telekom Malaysia Bhd., senior unsecured foreign currency debt rating, upgraded to A2/stable from A3/stable; TM Global Inc., backed senior unsecured foreign currency debt rating, upgraded to A2/stable from A3/stable; Tenaga Nasional Bhd., senior unsecured foreign currency debt rating, upgraded to Baa1/stable from Baa2/stable; TNB Capital (L) Ltd, backed senior unsecured foreign currency debt rating, upgraded to Baa1/stable from Baa2/stable.

THE PHILIPPINES: Globe Telecom, Inc., long-term domestic currency corporate family rating, affirmed at Baa3/positive, senior unsecured foreign currency debt rating, upgraded to Ba2/negative from Ba3/positive; National Power Corp., backed senior unsecured domestic currency debt rating, affirmed at B1/negative, backed senior unsecured foreign currency debt rating, affirmed at B1/negative.

SINGAPORE: PSA Corp., senior unsecured foreign currency debt rating, affirmed at Aaa/stable; Singapore Power Ltd., long-term foreign currency issuer rating, affirmed at Aa1/stable; Singapore Technologies Engineering Ltd., long-term foreign currency issuer rating, affirmed at Aaa/stable; Singapore Telecommunications Ltd., senior unsecured domestic currency debt rating, upgraded to Aa2/stable from A1/stable, Singapore Telecommunications Ltd., senior unsecured foreign currency debt rating, upgraded to Aa2/stable from A1/stable; SP PowerAssets Ltd, long-term domestic currency issuer rating, affirmed at Aa1/stable, senior unsecured domestic currency debt rating, affirmed at Aa1/stable, senior unsecured foreign currency debt rating, affirmed at Aa1/stable; Stats ChipPAC Ltd., long-term domestic currency corporate family rating, affirmed at Ba2/stable, senior unsecured foreign currency debt rating, affirmed at Ba2/stable; Temasek Holdings (Private) Ltd., long-term domestic currency issuer rating, affirmed at Aaa/stable, long-term foreign currency issuer rating, affirmed at Aaa/stable.

THAILAND: Aromatics Public Co. Ltd, long-term domestic currency issuer rating, affirmed at provisional Baa3/stable, senior unsecured foreign currency debt rating, affirmed at provisional Baa3/stable; Electricity Generating Authority of Thailand, Structured Issue rating, affirmed at A1/stable; PTT Exploration & Production Public Co. Ltd., long-term domestic currency issuer rating, A2/stable assigned, senior unsecured foreign currency debt rating, upgraded to A2/stable from Baa1/stable; PTT Exploration and Production Int'l. Ltd., backed senior unsecured foreign currency debt rating, upgraded to A2/stable from Baa1/stable; PTT Public Co. Ltd., long-term domestic currency issuer rating, upgraded to A2/stable from A3/stable, long-term foreign currency issuer rating, affirmed at Baa1/stable, senior unsecured foreign currency debt rating, upgraded to A2/stable from Baa1/stable; Thai Oil Public Co. Ltd, senior unsecured foreign currency debt rating, affirmed at Baa1/stable; Thai Olefins Public Co. Ltd., long-term domestic currency issuer rating, affirmed at Baa3/stable, senior unsecured foreign currency debt rating, affirmed at Baa3/stable.

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