Moody's: No change to HKT

Moody's Investors Service said that there is no impact on Hong Kong Telecommunications Ltd.'s Baa2 rating following the announcement that its ultimate majority shareholder, PCCW Ltd., plans to issue a U.S. dollar-denominated 10-year bond.

The outlook remains stable.

"While the proposed bond issuance has no impact on HKT's Baa2 rating, Moody's would be concerned should PCCW seek to raise additional indebtedness such that the need for cash distributions from HKT Limited creates a drag on HKT's financial profile," said Laura Acres, a Moody's vice president and senior credit officer in a news release.

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