Moody's affirms Hong Kong Telecom at Baa2

Moody's Investors Service said it confirmed the Baa2 issuer and senior unsecured ratings of Hong Kong Telecommunications Ltd. and all entities irrevocably and unconditionally guaranteed by it with a stable outlook.

Moody's said the closing of the review has been prompted by statements made by Hong Kong Telecommunications' ultimate majority shareholder, PCCW Ltd., that the global offering of share stapled units in HKT Trust and HKT Ltd. has successfully closed and priced at HK$4.53 per share stapled unit.

As a result of this, the agency said that HKT Trust/HKT Ltd. will list on the Hong Kong Stock Exchange on Nov. 29 and funds of about $1 billion will be retained in Hong Kong Telecommunications for debt reduction.

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