Fitch upgrades Hong Leong Bank

Fitch Ratings said it upgraded the long-term issuer default rating of Hong Leong Bank Bhd. to A- from BBB+, viability rating to A- from BBB+ and senior debt rating to A- from BBB+.

The agency also said it affirmed the bank’s short-term foreign-currency issuer default rating at F2.

The outlook is stable.

Fitch said it expects slower economic conditions in Malaysia and other key Asian markets to persist over the next one to two years amid weak external demand and low commodity prices.

Asset-quality risks will continue to build in such an environment, the agency said, although the extent of deterioration in the Malaysian banks' credit portfolios will depend on their respective sector and regional exposures.

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