Fitch pulls Chong Hing from watch

Fitch Ratings said it affirmed Chong Hing Bank Ltd.’s BBB long-term issuer default rating and removed it from rating watch evolving. The outlook is stable.

The placed the rating on RWE on May 14 to reflect uncertainties over the bank’s credit profile due to limited information over its share trading suspension, Fitch said. The bank subsequently announced its privatization proposal and planned listing withdrawal by its 75% parent, Yuexiu Group on May 18.

“The RWE removal and rating affirmation reflect our expectations that CHB's planned privatization will not materially influence our assessment of its credit profile,” the agency said in a press release.

The outlook reflects an expectation that CHB will continue to execute on its business strategies, as planned, in the next 12 to 18 months, Fitch said.

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