Moody’s affirms Hong Kong Telecom

Moody's Investors Service said it affirmed the Baa2 ratings of Hong Kong Telecommunications Ltd. and its subsidiaries.

The affected ratings include Hong Kong Telecommunications' issuer rating, and the senior unsecured ratings for the bonds issued by HKT Capital No. 1 Ltd., HKT Capital No. 2 Ltd., HKT Capital No. 3 Ltd., HKT Capital No. 4 Ltd. and PCCW-HKT Capital No. 5 Ltd.

The bonds are guaranteed by Hong Kong Telecommunications and its parent, HKT Group Holdings Ltd.

The outlooks are stable.

"Hong Kong Telecommunications' Baa2 ratings primarily reflects its leading market position in Hong Kong as, together with its parent PCCW Ltd., the best-in-class quad-play telecommunications services provider," Gloria Tsuen, Moody's vice president and senior analyst, said in a news release.

"Although the company's adoption of new accounting standards results in a rise in its financial leverage, this increased level remains within the tolerance level for the Baa2 rating category."

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