Moody’s assigns A3 to Cagamas notes

Moody's Investors Service said it assigned an A3 rating to Cagamas Global plc's planned issuance of dollar-denominated long-term senior unsecured notes due in 2019.

The exact size and maturity date are yet to be determined.

The outlook is positive.

The A3 rating notes is at the same level as the A3 foreign currency long-term issuer rating of Cagamas Bhd. (A3 positive).

The proposed notes will be issued pursuant to Cagamas Global's $2.5 billion euro medium-term note program and will be fully and unconditionally guaranteed by Cagamas. The notes will represent direct, unsubordinated and unsecured obligations of Cagamas. As such, they will rank pari passu with Cagamas’ existing and future unsecured and unsubordinated obligations.

The rating was assigned on the condition that no material changes are made to the draft pricing supplement of the notes reviewed by Moody's.

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