China Mobile upped to 'A1' after China ratings upgrade - Moody's |
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Published
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Thu, 26 Jul 2007 08:12
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MUMBAI (Thomson Financial) - Moody's Investors Service upgraded China Mobile Ltd's (CML) local currency issuer rating to 'A1' from 'A2', with a stable outlook.This rating action has been prompted by the decision to upgrade the People's Republic of China's local currency guideline to 'A1' from 'A2'.'CML's fundamental credit assessment is underpinned by its leading position in China's fast-growing mobile telecommunications industry and very strong financial profile. CML has demonstrated an ability to manage growth, both organic and acquired, such that its financial profile is of strong investment grade quality,' said Laura Acres, a Moody's vice president.The rating also considers the credit support that Moody's believes majority owner China Mobile Communications Corp is likely to provide CML in a distress situation.'At the same time, concerns exist regarding the relatively undeveloped state of China's regulatory regime and uncertainty over the eventual form of its telecommunications market. The time taken to process legislation and the lack of action on certain regulatory issues -- such as issuance of 3G licenses -- indicate the environment is not evolving efficiently, though this continued uncertainty is likely to prove benign for CML's credit profile,' Acres added.Moody's said CML's credit metrics are exceptionally strong for its rating level, and downward pressure is unlikely, absent a material and precipitous change in its operating profile.TFN.newsdesk@thomson.comjroCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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China leading banks upgraded to 'A1' from 'A2' after sovereign upgrade - Moody's 