Moody's rates HKT notes Baa2

Moody's Investors Service said it assigned a Baa2 senior rating to the dollar notes to be issued by PCCW-HKT Capital No. 5 Ltd. and guaranteed by Hong Kong Telecommunications (HKT) Ltd. (Baa2) and its parent, HKT Group Holdings Ltd. HKT Group is wholly owned by HKT Ltd., which is in turn 63% owned by PCCW Ltd. The outlook is stable.

HKT Ltd. will likely use the proceeds primarily to refinance its $500 million 6% notes due July 2013, Moody's said.

The agency said the Baa2 rating reflects the stable profile of HKT Ltd.'s core fixed-line telecommunications business, supported by its dominant market position in Hong Kong, as well as the company's strong liquidity position.

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