Fitch affirms Hong Leong

Fitch Ratings said it affirmed Hong Leong Bank Bhd.'s ratings, including its BBB+ long-term foreign-currency issuer default rating with stable outlook.

"The rating affirmation is premised on Hong Leong's sound and liquid balance sheet, steady earnings profile and improved presence in the Malaysian banking sector, following its takeover of a local bank, EON Bank Berhad," said Alfred Chan, director in Fitch's financial institutions team.

"An even stronger domestic franchise comparable to that of the three largest Malaysian banks, with the maintenance of a satisfactory credit profile and core capitalization, may be positive for the bank's ratings, though these developments appear to be highly unlikely in the near to medium term."

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