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Rating Action:

MOODY'S ANNOUNCES RATING IMPACT OF REVISED POLICY ON FOREIGN-CURRENCY CEILINGS ON ASIAN FINANCIAL INSTITUTIONS

25 May 2006
MOODY'S ANNOUNCES RATING IMPACT OF REVISED POLICY ON FOREIGN-CURRENCY CEILINGS ON ASIAN FINANCIAL INSTITUTIONS

Singapore, May 25, 2006 -- Moody's Investors Service published today the results of an examination of financial institution ratings in Asia-Pacific in light of the revision of its rating methodology for assigning foreign currency country bond ceilings.

In November 2005, Moody's published a Request for Comment, entitled "Revised Policy with Respect to Country Ceilings". Based on supportive market responses, Moody's decided to revise its methodology for assigning foreign currency country bond ceilings.

The revised methodology resulted in upgrades to the foreign currency bond ceilings of a number of countries. The higher ceilings reflect Moody's view that in many countries, even if the government were to default on its own foreign currency debt, the probability of a foreign currency moratorium is less than 100%. For a detailed discussion of Moody's new policy please refer to Moody's Rating Methodology entitled "Revised Foreign-Currency Ceilings to Better Reflect Reduced Risk of a Payments Moratorium in Wake of Government Default", published on May 24, 2006.

Most of the foreign currency debt and foreign currency issuer ratings that are now being upgraded were previously constrained at the old foreign currency debt ceilings. This constraint reflected Moody's earlier view of the risk that such obligations could be captured by a foreign currency payments moratorium in the event the government defaulted on its own foreign currency debt. Following the upgrades, a number of these ratings (those below the new foreign currency debt ceiling of the issuer's or its parent bank's domicile) are no longer constrained by this risk. Other ratings are being upgraded to the new ceiling but remain constrained by the moratorium risk still reflected in the revised ceilings.

Today's rating actions have no impact on any foreign currency deposit ratings. The revision to Moody's methodology applies only to the foreign currency ceiling for bonds and notes. Existing foreign currency country ceilings for bank deposits are not affected. Moody's foreign currency bank deposit ceilings will continue to be more directly related to government foreign currency bond ratings, reflecting the risk that a freeze on foreign currency bank deposits is more likely to be imposed in the event of a government bond default even in the absence of a generalized foreign currency moratorium.

Below is a list of affected financial institutions in the Asia-Pacific region, including the rating changes resulting from the application of the methodology. The company is listed, with the rated class of debt, the change in the rating, and the rating outlook.

Australia: none

(see Hong Kong)

Cambodia: none

China: none

Hong Kong:

- ANZ National (Int'l) Ltd, HK

Senior notes (foreign currency) -- upgraded to Aa3 from A1, outlook stable

- The Hong Kong Mortgage Corporation

Issuer Rating (foreign currency) -- upgraded to Aa3 from A1, outlook stable

- The Hongkong and Shanghai Banking Corporation

Issuer Rating (foreign currency) -- upgraded to Aa3 from A1, remains on review for possible upgrade along with its BFSR and other ratings

Indonesia:

- Bank Danamon Indonesia (P.T.) (CI)

Subordinated debt rating upgraded to Ba3 from B1, outlook stable

- Bank Internasional Indonesia (P.T.)

Issuer rating upgraded to Ba3 from B1, outlook stable

- Bank Internasional Indonesia (P.T.) (CI)

Subordinated debt rating upgraded to Ba3 from B1, outlook stable

- Bank Mandiri Persero (P.T.), Cayman Islands Br

Senior debt rating upgraded to Ba3 from B1, outlook stable

Subordinated debt rating upgraded Ba3 from B1, outlook stable

- Bank Negara Indonesia TBK (P.T.)

Senior debt rating upgraded to Ba3 from B1, outlook stable

- Bank Negara Indonesia (P.T.) (Hong Kong)

Subordinated debt rating upgraded to Ba3 from B1, outlook stable

- PT Bank Niaga TBK

Issuer rating upgraded to Ba3 from B1, outlook stable

Subordinated debt rating upgraded to Ba3 from B1, outlook stable

- Bank Rakyat Indonesia (P.T.)

Subordinated debt rating upgraded to Ba3 from B1, outlook stable

Japan: none

Korea, South:

- Citibank Korea Inc

Subordinated debt (foreign currency) -- upgraded to A1 from A3, outlook stable

Junior Subordinated debt (foreign currency) -- upgraded to A1 from A3, outlook stable

Malaysia: none

New Zealand: none

Philippines:

- Banco de Oro Universal Bank

Senior debt (foreign currency) -upgraded to Ba3 from B1, outlook negative

- Equitable-PCI Bank

Senior debt (foreign currency) -- upgraded to Ba3 from B1, outlook negative

Subordinated debt (foreign currency) - upgraded to Ba3 from B1, outlook negative

- Metropolitan Bank and Trust Co.

Subordinated debt (foreign currency) - upgraded to Ba3 from B1, outlook negative

- Rizal Commercial Bank Corp.

Senior debt (foreign currency) - upgraded to Ba3 from B1, outlook negative

- UnionBank of the Philippines

Senior debt (foreign currency) -- upgraded to Ba3 from B1, outlook negative

Singapore: none

Taiwan: none

Thailand:

- Standard Chartered Bank (Thai) Public Co Ltd

Issuer Rating (foreign currency) -- upgraded to A3 from Baa1, outlook stable

Subordinated debt (foreign currency) -- upgrade to Baa1 from Baa2 , outlook stable

Vietnam:

- Bank for Investment & Development of Vietnam

Issuer Rating (foreign currency) -- upgraded to Ba2 from Ba3, outlook stable, although the outlook on the BFSR remains positive

Hong Kong
Wei S. Yen
Managing Director
Financial Institutions Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121

Singapore
Patrick Winsbury
VP - Senior Credit Officer
Financial Institutions Group
Moody's Singapore Pte Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (65) 6398-8308

No Related Data.
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