Moody's may cut SE Asian FRCDs
Moody's may cut SE Asian FRCDs
NEW YORK (Reuters): Moody's Investors Service placed on review
for possible downgrade Floating Rate Certificates of Deposit
(FRCDs) issued by 15 banks in China, Indonesia, the Philippines
and Thailand.
Moody's said that, for banks constrained by country ceilings,
FRCDs have been rated at the ceiling for bonds, rather than at
the lower ceiling for deposits.
Currently only China, Indonesia, the Philippines, and Thailand
have both a deposit ceiling below their debt ceiling and banks
that issue FRCDs.
The FRCDs affected by the review include, but are not limited
to, the following issues:
In Indonesia (deposit ceiling of Ba1): P.T. Bank Rakyat
Indonesia (Cayman Islands) US$120m Floating Rate Euro Certificate
of Deposit due 2000 rated Baa3; US$40m Floating Rate Euro
Certificate of Deposit due 2000 rated Baa3; US$125m Floating Rate
Euro Certificate of Deposit due 1997 rated Baa3;
In the Philippines (deposit ceiling of Ba2).
In China (deposit ceiling of Baa2): Agricultural Bank of China
(Singapore Branch) US$120m Floating Rate Certificate of Deposit
due 2002, rated Baa1;
Bank of China (Hong Kong Branch) HK$5000m Floating Rate
Certificate of Deposit due 2002, rated Baa1; HK$2000m Floating
Rate H.K. Certificate of Deposit due 2001 rated Baa1; China
Construction Bank HK$500m Floating Rate H.K. Certificate of
Deposit due 1999 rated Baa1.
Allied Banking Corporation US$50m Floating Rate H.K.
Certificate of Deposit due 1999 rated Ba1; Far East Bank and
Trust Company US$50m Floating Rate Euro Certificate of Deposit
due 1998 rated Ba1; US$60m Floating Rate H.K. Certificate of
Deposit due 2001 rated Ba1; Metropolitan Bank and Trust Company
US$ 50m Floating Rate Euro Certificate of Deposit due 1998 rated
Ba1; Philippine Commercial International Bank US$150m Floating
Rate Euro Certificate of Deposit Program rated Ba1; United
Coconut Planters Bank US$50m Floating Rate Euro Certificate of
Deposit due 1997 rated Ba1.
In Thailand (deposit ceiling of Baa3): Bangkok Bank Public
Company Ltd. (Hong Kong) HK$1000m Floating Rate H.K. Certificate
of Deposit due 2000 rated Baa1; Krung Thai Bank Public Co. Ltd.,
Singapore Branch US$150m Floating Rate Certificate of Deposit due
1999 rated Baa1; US$100m Floating Rate Euro Certificate of
Deposit due 2002 rated Baa1; Siam Commercial Bank Public Co.
(Hong Kong) US$130m Floating Rate Euro Certificate of Deposit due
2001 rated Baa1; US$100m Floating Rate Euro Certificate of
Deposit due 2002 rated Baa1; Thai Farmers Bank Public Co. Ltd
(Hong Kong) US$125m Floating Rate Certificate of Deposit due 2002
rated Baa1, US$150m Floating Rate Certificate of Deposit due 2002
rated Baa1.