Moody's upgrades government-related financial institutions

Moody's Investors Service said it upgraded the ratings of selected government-related financial institutions following a review prompted by the implementation of a revised rating methodology for the sector.

The revised methodology relies on a country's local-currency deposit ceiling as a measure of its ability to rescue non-bank financial institutions under its joint-default analysis framework, the agency said. Previously, the government's bond rating fulfilled this role, as it continues to do so for non-financial government-related entities.

Hong Kong Mortgage Corp. Ltd.'s senior unsecured debt rating and long-term domestic-currency issuer rating were upgraded to Aaa with a stable outlook from Aa3. Its long-term foreign-currency issuer rating was upgraded to Aa1 with a positive outlook from Aa3.

Hungarian Development Bank Ltd.'s domestic-currency senior unsecured rating was upgraded to Aaa from A1, and its foreign-currency senior unsecured and backed senior unsecured ratings were upgraded to Aa1 from A1. The outlook is stable.

Development Bank of Kazakhstan's foreign-currency senior unsecured and long-term issuer ratings were upgraded to Aa2 from Baa1. The outlook is stable.

Export-Import Bank of Korea's foreign-currency senior unsecured rating was upgraded to Aa3 from A3. The outlook is stable.

Mexico-based Banco Nacional de Comercio Exterior, SNC's foreign-currency senior unsecured rating was upgraded to A1 with a stable outlook from Baa1, and its foreign-currency commercial paper rating was upgraded to Prime-1 from Prime-2.

Mexico-based Nacional Financiera, SNC's foreign-currency commercial paper rating was upgraded to Prime-1 from Prime-2. The foreign-currency senior unsecured rating of its Grand Cayman branch was upgraded to A1 with a stable outlook from Baa1.

Industrial Development Corp. of South Africa's foreign-currency issuer rating was upgraded to A2 from Baa1. The outlook is stable.

Export-Import Bank of Thailand's foreign-currency issuer rating was upgraded to A3 from Baa1. The outlook is stable.

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