Moody's ups some Asia Pacific foreign-currency ceilings

Moody's Investors Service said it has 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.

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:

Hong Kong:

CLP Power Hong Kong Ltd.: 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 Corp.: 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 Corp. Ltd.: 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 Corp. Ltd.; backed senior unsecured foreign currency debt rating - affirmed at Aa3/stable.

India:

Indian Oil Corp.: 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 Corp: 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 Co.: 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 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;

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, Ltd.: 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 PCL: 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.

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