Moody's gives Housing Development B3

Moody's Investors Service said it assigned a B3 corporate family rating to Housing Development Corp. Ltd.

"HDC's B3 CFR reflects our expectation of a very high likelihood of extraordinary support from the government of Maldives (B3 negative) as well as very high default dependence between the two entities, which leads to one notch of uplift," said Hui Ting Sim, a Moody's analyst, in a press release.

"Our assessment is driven by the strong track record of oversight and financial support extended to HDC from the government, which includes guarantees provided by the government for most of the company's external debt," Sim noted.

The outlook is negative, which reflects the government of Maldives’ negative outlook, Moody’s said.

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