Moody's upgrades four Hong Kong banks' deposit rating to Aa3

Moody's Investors Service has upgraded foreign-currency deposit ratings of Hongkong and Shanghai Banking Corp., Hang Seng Bank, DBS Bank (Hong Kong) Ltd. and the Hong Kong branch of Westpac Banking Corp. to Aa3 from A1.

This rating action follows Moody's upgrade of Hong Kong's foreign-currency bank deposit ceiling to Aa3 and a change of its outlook to positive.

The outlook of the ratings for Hongkong and Shanghai Banking Corp. and Hang Seng Bank has been changed to positive as their Aa3 ratings are still below their bank financial strength rating-implied ratings.

The outlook of the ratings for DBS Bank and Westpac has been changed to stable as their ratings are no longer constrained following the upgrade.

© 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.