The A1 rating
incorporates the authority's small but prosperous service area, consisting of multiple retail and wholesale municipalities in northeast Monmouth County, NJ (Aaa stable).
We assign A1 ratings
to Development Bank of Japan Inc.'s (DBJ) non-government
Moody's also notes that the A1 rating
is supported by the government's persistent budget surpluses (barring a 0.3 per cent deficit in 2009), very low levels of debt (5.2 per cent of GDP at year-end 2012), and its strong net financial asset position.
Simultaneously, the agency upheld its A1 rating
on the company's INR270m bank guarantee facility, interchangeable with the INR30m letter of credit facility.
"But the likely deterioration in debt affordability over the medium term and ongoing concerns about the economy's ability to withstand fiscal consolidation and private sector deleveraging mean its outlook may no longer be consistent with an A1 rating
"Moody's anticipates growth in the Kaplan education and CableOne cable television business will mitigate some of the secular and cyclical pressure in the traditional media properties over the next several years, but that earnings growth might not be sufficient to return leverage to the levels appropriate for the A1 rating
," he wrote.
The A1 rating
incorporates the city's moderately-sized tax base, average resident wealth levels, solid reserves and liquidity, low direct debt burden, and above average pension burden.
Moody's has also assigned an A1 rating
to the CD issued by SMBC Singapore
Moody's Investors Service has assigned an A1 rating
with a stable outlook to the proposed issuance of trust certificates (sukuk) by Saudi Electricity Global Sukuk Company, a special purpose vehicle of Saudi Electricity Company (SEC).
These strengths are factored into its A1 rating
, Moody's noted.
(Qtel), the A1 rating
for Qtel International Finance Limited and A1-rated bonds issued under Qtel's GMTN programme under review for possible downgrade following the change in outlook to negative from stable of the Ba1 Corporate Family Rating for PT Indosat Tbk, of which Qtel owns 65%.
"The negative rating outlook reflects Moody's concern that acquisition activity over the next several years -- including the pending purchase of Miami's NBC affiliate -- could sustain leverage at levels that are already weak for the A1 rating
," analysts John Puchalla and Alexandra S.