Fitch rates Wing Hang Bank notes BBB+

Fitch Ratings said it assigned expected BBB+ ratings to Wing Hang Bank Ltd.'s planned perpetual subordinated notes callable in 2013, qualifying as upper-tier 2 capital under the Hong Kong banking ordinance. The notes will be issued under the bank's $2 billion medium-term note subordinated program. Fitch also affirmed the bank's long-term local- and foreign-currency issuer default ratings at A- and short-term issuer default rating at F2.

The outlook remains stable.

The ratings reflect the bank's prudent management, sound asset quality, adequate capitalization and good profitability, Fitch said.

The bank maintained its solid credit profile despite cumulative losses of HK$519 million, the agency said, and its profitability remained satisfactory.

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