Fitch rates East West Bancorp

Fitch Ratings said it assigned a first-time BBB long-term issuer default rating and an F2 short-term issuer default rating to East West Bancorp, Inc. and East West Bank, along with BB+ ratings to the trust preferred securities of East West Capital Trust I, II, IV, V, VI, VII, VIII & IX and East West Capital Statutory Trust III.

The outlook is stable.

The ratings reflect the bank's solid capital levels, recent operating performance momentum and improving asset quality, Fitch said.

Conversely, elevated exposure to commercial real estate in California, reliance on spread income and a relatively large allocation to financial institutions within the securities portfolio are the primary constraining factors, the agency said.

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