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Published on 11/9/2009 in the Prospect News Emerging Markets Daily.

Moody's cuts Hong Kong banks view to positive

Moody's Investors Service said it changed the outlook on the Aa2 long-term foreign-currency deposit ratings of the Hongkong and Shanghai Banking Corp. Ltd. and Hang Seng Bank Ltd. to positive from stable.

Moody's also said it changed the outlook on the Aa2 long-term foreign- and local-currency senior unsecured debt and issuer ratings of the Hong Kong Mortgage Corp. Ltd. to positive from stable.
These actions follow the change in outlook on Hong Kong's Aa2 foreign-currency bank deposit ceiling and Aa2 long-term foreign- and local-currency government bond ratings to positive from stable, Moody's said.
The ratings are constrained by Hong Kong's foreign-currency bank deposit ceiling of Aa2, Moody's said.

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