Moody's rates Wing Hang Bank notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to the perpetual subordinated notes being issued by Wing Hang Bank, Ltd. The rating is subject to final documentation.

The rating outlook is stable.

This rating does not incorporate any potential rating changes that may take place as a result of the announcement in February that Moody's will review all bank ratings worldwide in conjunction with the implementation of joint default analysis for banks and the updated bank financial strength rating methodology.

The rating reflects the bank's solid financials, gradual expansion of its franchise in its key markets and the structure of the notes, Moody's said. The notes would represent direct, unsecured and subordinated obligations of the bank and be junior to both senior securities and dated subordinated debts, the agency said, but senior to preference shares and other securities qualifying as tier 1 capital of the bank and common shares.

The bank is rated A3/prime-1 for long-term/short-term deposits, both foreign- and local-currencies and carries a bank financial strength rating of C.

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