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, dollar-denominated subordinated debt at BBB and long-term deposits at A-.

The agency also said it placed on Rating Watch positive EON Bank's long-term foreign-currency issuer default rating at BBB-, short-term foreign-currency issuer default rating at F3 and the rating on long-term deposits at BBB.

The actions take into account the bank's proposed offer to acquire all the assets and liabilities of EON Capital, the investment holding company of EON Bank, Fitch said.

The agency said it recognizes the continued uncertainty over the completion of this proposed acquisition at this juncture, including the recent legal suit filed by EON Capital's largest shareholder. Fitch said it took into consideration the possibility that the transaction will collapse.

The ratings reflect the bank's current robust financial profile, including its good asset quality track record and solid capital position, the agency said.

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