Moody's Investors Service yesterday confirmed the credit ratings of three corporates following an earlier move to confirm Hong Kong's sovereign ratings.
Sun Hung Kai Properties saw its long-term foreign-currency debt rating confirmed at A3 and domestic-currency debt rating at A2. The decision affects the corporate's outstanding debt of US$267 million.
Hutchison Whampoa had its long-term foreign-currency debt rating confirmed at A3. The decision affects the conglomerate's outstanding debt of $2 billion.
China Light & Power had its long-term foreign currency debt rating confirmed at A3 and short-term rating at Prime-2. About $324 million in the company's outstanding debt will be affected.
The agency's senior analyst for corporate rating, Clara Pau, said yesterday's announcement was the result of the agency's earlier decision to confirm the long-term foreign currency rating of the Hong Kong sovereign at A3 and short-term rating at Prime-2.
The agency would review the individual financial strength and debt-repayment capability of the three companies.