Moody's rates PCCW-HKT notes Baa2

Moody's Investors Service said it assigned a provisional Baa2 senior unsecured ratings to the proposed $500 million notes due 2015 to be issued by PCCW-HKT Telephone Ltd. (HKT). The outlook is stable.

The proceeds from the proposed issuance are expected to replenish cash reserves at the HKT entity, the agency said.

Moody's said HKT's rating is principally supported by its large market position, sound technology base and the improving profitability of the PCCW Group.

The rating also reflects the long maturity profile of HKT's debt and its solid liquidity position, the agency noted.

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