Fitch affirms Hong Leong Bank

Fitch Ratings said it affirmed Hong Leong Bank Bhd.'s long-term foreign-currency issuer default rating at BBB+, short-term foreign-currency issuer default rating at F2, individual rating at C, support rating at 3 and support rating floor at BB+. The agency also affirmed the BBB rating of the bank's subordinated debt.

The outlook is stable.

The ratings reflect its good asset quality and healthy level of capital, while noting its satisfactory profitability, Fitch said.

The outlook reflects expectations that the bank will sustain its profitability and asset quality thanks to the moderately benign economic conditions in Malaysia, the agency said. Though the domestic operating environment may be affected by an expected slowdown in the United States, the bank's credit profile should remain sufficient to sustain its rating at the current level, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.