Moody’s upgrades Wing Hang

Moody's Investors Service said it upgraded Wing Hang Bank Ltd.'s local and foreign currency long-term deposit ratings to Aa3 from A2.

At the same time, the agency affirmed the bank's short-term rating at P-1 and its bank financial strength rating/baseline credit assessment at C+/a2.

Moody's also upgraded the bank's Basel II-compliant dated subordinated medium-term note program rating to provisional A1 from provisional A3, undated junior subordinated -term note program rating to provisional A2 from provisional Baa1 and undated junior subordinated debt rating to A2(hyb) from Baa1(hyb).

The outlook on the bank's bank financial strength rating is negative, while the outlook on all other ratings is stable.

Moody’s said the upgrade follows Oversea-Chinese Banking Corp Ltd.'s successful acquisition of the bank. Oversea-Chinese has acquired 97.5% of the bank, and intends to compulsorily acquire the remaining shares. Wing Hang Bank's name will be changed to OCBC Wing Hang Bank Ltd. from October 2014 onward.

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