Moody's rates Cagamas notes A3

Moody's Investors Service said it assigned an A3 rating to Cagamas Global plc's Singapore dollar-denominated senior unsecured notes due September 2018.

The notes are fully and unconditionally guaranteed by Cagamas Bhd. as Cagamas Global is a wholly-owned subsidiary, the agency said.

The outlook is stable.

The rating assigned to the notes is at the same level as the A3 foreign-currency long-term issuer rating of Cagamas, Moody's said.

The senior unsecured notes are issued pursuant to Cagamas Global's $2.5 billion multi-currency medium-term note program and are fully and unconditionally guaranteed by Cagamas, the agency said.

The notes represent direct, unsubordinated and unsecured obligations of Cagamas, Moody's said.

As such, they rank pari passu with Cagamas's existing and future unsecured and unsubordinated obligations, the agency said.

The rating for the senior unsecured notes will be upgraded if the Malaysian government's A3 sovereign rating is upgraded, assuming Cagamas's standalone credit metrics remain robust, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.