Fitch affirms Bank of East Asia

Fitch Ratings said it affirmed Bank of East Asia's long-term foreign-currency issuer default rating at A-, short-term foreign-currency issuer default rating at F2, individual rating at B/C, support rating at 3 and support rating floor at BB+. The agency also affirmed the BBB+ ratings on the bank's subordinated notes.

The outlook remains stable.

As with other banks in Hong Kong, Bank of East Asia securities brokerage and corporate services fees income rose strongly in 2007 amid buoyant stock market conditions, the agency said.

Meanwhile, the bank's operating expenses remained high with its above industry average cost/income ratio as the bank continued its rapid expansion in mainland China, Fitch added.

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