Moody's rates Wing Hang notes A3

Moody's Investors Service said it assigned A3 long-term foreign- and local-currency ratings to the subordinated and junior subordinated debt to be issued under Wing Hang Bank, Ltd.'s new medium-term note program.

The bank is rated A3 for foreign-currency junior subordinated debt, and the foreign-currency backed subordinated debt of its subsidiary, Wing Hang Financial Holding (BVI) Ltd., is also rated A3.

The outlook is stable.

The A3 ratings for the notes reflects the solid state of the bank's financials, the gradual expansion of its franchise in its key markets and the structure of the instruments, the agency said. The A3 ratings are one notch below those for the bank's senior obligations, given the unlikely occurrence of interest deferral due, in turn, to Wing Hang's financial strength and the limited perceived difference in expected loss between the two classes of securities, Moody's added.

© 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.