Moody’s rates Cagamas Global notes A3

Moody's Investors Service said it assigned an A3 rating to Cagamas Global plc's planned issuance of S$100 million long-term senior unsecured notes due in November 2017.

The outlook is positive.

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

The proposed Singapore dollar-denominated senior unsecured 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 (A3 positive). 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.

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