Moody's Investors Service has upgraded its ratings on several tranches of a Hong Kong CMBS deal, due to the transaction's robust performance in difficult economic circumstances. The move is likely to encourage potential issuers of CMBS transactions in Hong Kong and make deals more efficient.

The transaction in question - Harbour City Funding 1 - was issued by property group Wharf Holdings in February 1999 and backed by a portfolio of retail and office properties. It was lead managed by Merrill Lynch and totaled US$575.2 million - at the time, the biggest ever non-Japan Asian ABS deal.

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