Moody’s gives A3 to Cagamas Global notes

Moody's Investors Service said it assigned an A3 rating to Cagamas Global plc's dollar- denominated senior unsecured notes due in April 2020.

The outlook is stable.

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

The notes are issued pursuant to Cagamas Global's $2.5 billion multicurrency medium-term note program and are fully and unconditionally guaranteed by Cagamas Bhd. (A3 stable).

The notes represent direct, unsubordinated and unsecured obligations of Cagamas Bhd. As such, they rank pari passu with Cagamas Bhd.’s existing and future unsecured and unsubordinated obligations.

Moody's said it analyzed the guarantee provided by Cagamas Bhd. for the multicurrency medium-term note program, and concluded that the terms and conditions of the guarantee satisfy the agency's core principles of guarantees.

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