Fitch ups Pan Asia Banking

Fitch Ratings said it upgraded Pan Asia Banking Corp. plc's national long-term rating to BBB(lka) from BBB-(lka).

The outlook is stable.

The upgrade reflects the bank's improving asset quality and capitalization, as well as ongoing structural improvements, which should enable the bank to further strengthen its capital position and further diversify and improve the quality of its loan book over the next two to three years, Fitch said.

The stable outlook reflects a view that the bank's financial profile will continue to improve over the medium-term, underpinned by ongoing changes within the bank, the agency said.

However, further upgrades would require considerable improvements in terms of loan quality, growth potential and a larger capital buffer to absorb potential losses on bad loans, Fitch said.

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