Moody's cuts Bank of East Asia to C-

Moody's Investors Service said it downgraded Bank of East Asia's bank financial strength rating to C- from C. The bank's foreign-currency subordinated debt and junior subordinated debt ratings of A3 and long- and short-term foreign- and local-currency deposit ratings of A2/prime-1 remain unchanged.

The outlook is negative.

The downgrade reflects the uncertainties arising from recent control lapses, anticipated acceleration in asset quality deterioration, succession issues and a worsening operating environment, Moody's said.

Despite the downgrade, the bank's debt and deposit ratings remain intact as Moody's said it assesses the probability of systemic support to have increased during the global credit crisis.

© 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.