Moody's rates Hong Kong Mortgage notes Aaa

Moody's Investors Service said it assigned an Aaa rating to the Hong Kong Mortgage Corp. Ltd.'s $500 million senior unsecured notes due 2014 to be issued under the $3 billion medium-term note program. The rating is on review for possible downgrade. The rating is subject to receipt of final documents.

The rating reflects the risks of the company's dependence on the local economy and a high level of expected government support, Moody's said.

The Aaa foreign-currency senior unsecured debt rating pierces the country ceiling for Hong Kong's foreign-currency debt rating, the agency said.

The rating also reflects its unique franchise in Hong Kong, flexible business model, professional and prudent risk management, solid financial fundamentals and strong management team, Moody's added.

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