The notes are fully and unconditionally guaranteed by Cagamas Bhd (A3 stable), which is the parent of Cagamas Global.
The rating outlook is stable.
The ratings agency said on Wednesday the A3 rating assigned to the Singapore dollar denominated senior unsecured notes is at the same level as the A3 foreign currency long-term issuer rating of Cagamas Bhd.
“The Singapore dollar-denominated senior unsecured notes are issued pursuant to Cagamas Global’s US$2.5bil multicurrency medium-term note (MTN) programme, and are fully and unconditionally guaranteed by Cagamas Bhd,” it said.
Moody’s said the notes represent direct, unsubordinated and unsecured obligations of Cagamas.
As such, they rank pari passu with Cagamas Bhd’s existing and future unsecured and unsubordinated obligations.
“The A3 rating for the senior unsecured notes will be upgraded if the Malaysian government’s A3 sovereign rating is upgraded, assuming Cagamas Bhd’s standalone credit metrics remain robust,” it said.
The rating could be downgraded if: (1) the sovereign rating is downgraded; and/or (2) Cagamas’ rating is downgraded due to a deterioration in its standalone credit strength.