Moody's revises Asia Pacific foreign-currency ceilings

Moody's Investors Service published the results of an examination of financial institution ratings in Asia-Pacific in light of the revision of its rating methodology for assigning foreign currency country bond ceilings.

The revised methodology resulted in upgrades to the foreign currency bond ceilings of a number of countries.

The higher ceilings reflect Moody's view that in many countries, even if the government were to default on its own foreign currency debt, the probability of a foreign currency moratorium is less than 100%.

Below is a list of affected financial institutions in the Asia-Pacific region, including the rating changes resulting from the application of the methodology. The company is listed, with the rated class of debt, the change in the rating, and the outlook.

Hong Kong: ANZ National (Int'l) Ltd., HK - Senior notes (foreign currency) - upgraded to Aa3 from A1, outlook stable; The Hong Kong Mortgage Corp. - issuer rating (foreign currency) - upgraded to Aa3 from A1, outlook stable; The Hongkong and Shanghai Banking Corp. - issuer rating (foreign currency) - upgraded to Aa3 from A1, remains on review for possible upgrade along with its BFSR and other ratings;

Indonesia: Bank Danamon Indonesia - subordinated debt rating upgraded to Ba3 from B1, outlook stable; Bank Internasional Indonesia - issuer rating upgraded to Ba3 from B1, outlook stable; Bank Internasional Indonesia - subordinated debt rating upgraded to Ba3 from B1, outlook stable; Bank Mandiri Persero (P.T.), Cayman Islands Br - senior debt rating upgraded to Ba3 from B1, outlook stable; subordinated debt rating upgraded Ba3 from B1, outlook stable; Bank Negara Indonesia TBK - senior debt rating upgraded to Ba3 from B1, outlook stable; Bank Negara Indonesia (Hong Kong) - subordinated debt rating upgraded to Ba3 from B1, outlook stable; PT Bank Niaga TBK - issuer rating upgraded to Ba3 from B1, outlook stable; subordinated debt rating upgraded to Ba3 from B1, outlook stable. Bank Rakyat Indonesia - subordinated debt rating upgraded to Ba3 from B1, outlook stable;

South Korea: Citibank Korea, Inc - subordinated debt (foreign currency) - upgraded to A1 from A3, outlook stable; junior subordinated debt (foreign currency) - upgraded to A1 from A3, outlook stable;

Philippines: Banco de Oro Universal Bank - senior debt (foreign currency) - upgraded to Ba3 from B1, outlook negative; Equitable-PCI Bank - senior debt (foreign currency) - upgraded to Ba3 from B1, outlook negative; subordinated debt (foreign currency) - upgraded to Ba3 from B1, outlook negative; Metropolitan Bank and Trust Co. - subordinated debt (foreign currency) - upgraded to Ba3 from B1, outlook negative; Rizal Commercial Bank Corp. - senior debt (foreign currency) - upgraded to Ba3 from B1, outlook negative; UnionBank of the Philippines - senior debt (foreign currency) - upgraded to Ba3 from B1, outlook negative;

Thailand: Standard Chartered Bank PCL - issuer rating (foreign currency) - upgraded to A3 from Baa1, outlook stable; subordinated debt (foreign currency) - upgraded to Baa1 from Baa2, outlook stable;

Vietnam: Bank for Investment & Development of Vietnam: issuer rating (foreign currency) - upgraded to Ba2 from Ba3, outlook stable, although the outlook on the BFSR remains positive.

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