Fitch rates Wing Hang notes BBB+

Fitch Ratings said it assigned expected BBB+ ratings to the subordinated notes to be issued under Wing Hang Bank Ltd.'s $2 billion medium-term note program.

The agency also assigned an A- long-term local-currency issuer default rating to the bank and affirmed its A- long-term foreign-currency issuer default rating, F2 short-term issuer default rating, B/C individual rating, 3 support rating and BB support rating floor.

The outlook is stable.

The proceeds from the note program are expected to be used for funding and general corporate purposes.

The agency said Wing Hang's ratings reflect its prudent management, sound asset quality, adequate capitalization and consistently good profitability.

While economic conditions may be more challenging in the future, leading to potentially higher credit costs and lower profitability, Fitch said it expects the bank to maintain its balance sheet strength.

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