Credit Rating

Independence, integrity the hallmarks of objective credit ratings

In our business of providing credit ratings around the globe, Standard & Poor's is frequently a recipient of genuine and helpful contrasting opinions.

Friday, 24 May, 2002, 12:00am

Scant impact expected from rating downgrade for developers

Analysts do not expect a credit-rating and outlook downgrading to affect the cost of borrowing for major property companies.

23 May 2002 - 12:00am

Morgan Stanley remains upbeat

Falling profits, rising investor concerns over the risks of liquidity crunches and negative outlooks raised by rating agencies, are prompting investment bankers to hit the road with reassuring messages to their creditors.

In Hong Kong for a series of one-on-one meetings with bankers yesterday, was Morgan Stanley managing director and treasurer, Alexander Frank.

19 Apr 2002 - 12:00am

CLP seeks efficiency of costs from note

The power-supply arm of CLP Holdings has launched a US$1.5 billion medium-term note programme, taking advantage of the low-interest environment.

The note programme will help fund the utility's planned HK$30 billion capital expenditure between 1999 and 2004.

It will be listed on the Luxemburg and Hong Kong stock exchanges, with Morgan Stanley as arranger.

5 Apr 2002 - 12:00am

CNOOC calls for rating change

Chinese oil giant CNOOC wants a credit-rating agency to change its policy of rating Chinese corporate bonds below the country's sovereign rating.

Mark Qiu Zilei, CNOOC's chief financial officer and senior vice-president, said the company was aggressively lobbying Standard & Poor's (S&P) to review its sovereign ceiling policy.

11 Mar 2002 - 12:00am

BBB rating for PCCW debt

Standard & Poor's has assigned a BBB credit rating to PCCW-HKT Telephone's proposed HK$5 billion fully drawn, six-year, bank-syndicated loan. The rating reflects the company's dominant position in Hong Kong's fixed-line market.

9 Mar 2002 - 12:00am

CNOOC Finance bonds rated

Standard & Poor's yesterday assigned a BBB rating to CNOOC Finance (2002)'s proposed 144A senior unsecured bonds due 2012. The issue amount is about US$500 million, although this has not been confirmed. The bonds will be unconditionally and irrevocably guaranteed by its parent CNOOC and will be unsecured and unsubordinated obligations of the issuer.

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21 Feb 2002 - 12:00am

STABLE OUTLOOK

Moody's Investors Service has assigned Baa1 long-term and P2 short-term deposit ratings and a C-minus financial strength rating to Bank of China (Hong Kong).

At the same time, Moody's confirmed the existing ratings for BOCHK's subsidiaries, Nanyang Commercial Bank at Baa1/C/P2, and Chiyu Banking Corp at Baa1/C minus/P2.

1 Feb 2002 - 12:00am

S&P affirms Citic Pacific ratings

Standard & Poor's (S&P) affirmed its BBB minus corporate credit rating on Citic Pacific after the company announced its intention to sell its telecommunications investments in China Express. The short-term A3 rating on Citic Pacific also was affirmed. The outlook on the ratings is stable.

31 Jan 2002 - 12:00am

Appeal for end to party line on lenders

The Communist Party should no longer appoint senior positions in state banks, according to the mainland's top economic magazine. It said a series of scandals had shown the system was no longer viable.

24 Jan 2002 - 12:00am

Dao Heng and Hysan win credit upgrades

Despite Hong Kong's gloomy economic outlook, international rating agencies have assigned a strong rating to the debt papers to be issued by property developer Hysan Development and upgraded Dao Heng Bank's credit rating.

Standard & Poor's (S&P) yesterday assigned a BBB-plus rating to the US$1 billion debt papers to be issued by Hysan.

16 Jan 2002 - 12:00am

KMB wins single A credit rating

Kowloon Motor Bus Holdings' franchised bus division has been assigned a single A credit rating by ratings agency Standard & Poor's.

The rating is only one level below the SAR's double-A sovereign rating and the ratings of other transport giants - MTR Corp and Kowloon-Canton Railway Corp.

15 Jan 2002 - 12:00am

Improved operations help lift Sinopec

Standard & Poor's has raised the foreign currency corporate credit rating of China Petroleum & Chemical (Sinopec) from BBB minus to BBB, citing an improvement in operations and an increase in oil and gas reserves.

But the rating agency said a significantly lower oil price in the second half of this year would put pressure on the H share's bottom line.

21 Dec 2001 - 12:00am

Business, property premiums may shoot up 70pc

Commercial and property insurance costs may rise as much as 70 per cent from next month, according to an industry official.

18 Dec 2001 - 12:00am

Thomson recognition void

The Hong Kong Monetary Authority has revoked the recognition of Thomson BankWatch as a recognised agency to rate bonds qualified to benefit from the profits tax concession scheme. The revocation followed the takeover of Thomson BankWatch by Fitch, which has received a recognised agency rating. All former Thomson BankWatch ratings have been superseded by Fitch ratings.

11 Dec 2001 - 12:00am