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.