Moody's gives Hang Seng notes A1

Moody's Investors Service said it assigned an A1 rating to Hang Seng Bank's subordinated notes issue due 2015, which represent unsecured obligations of the bank.

The notes will qualify as tier II supplementary capital under the banking ordinance of Hong Kong, the agency added, and also will be callable in June 2010.

While the issue carries both fixed- and floating-rate coupon series at the beginning, the fixed-rate series, if not redeemed, will instead offer a floating-rate coupon from June 2010, Moody's said.

The rating reflects Hang Seng's significant franchise, decent profitability, superior asset quality and professional management, the agency said.

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