Moody's: Hong Leong notes A3

Moody's Investors Service said it assigned an A3 foreign-currency rating to Hong Leong Bank's proposed issue of senior debt notes.

The outlook is stable.

The exact amount of the issuance has yet to be decided.

The notes will represent an unsecured, unsubordinated obligation of the bank. The issuance will be subject to a negative pledge, Moody's said.

The ratings are underpinned by its established consumer and middle-market banking franchise, conservative management and high levels of capital and liquidity, Moody's said.

The agency noted that the bank's asset quality, while improving, is still moderate when compared with global banks of similar ratings.

The rating also incorporates the inherent market risks, Moody's added.

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