Moody's rates Bank of East Asia notes A3

Moody's Investors Service said it assigned an A3 rating to the foreign-currency subordinated notes to be issued by the Bank of East Asia, Ltd.

The outlook is stable.

The rating is subject to the receipt of final documents. The notes would represent direct, unsecured and subordinated obligations of the bank and as such the A3 rating is one notch below the bank's senior obligations rating of A2, the agency said. The notes carry a fixed-rate coupon for 10 years with maturity in June 2020.

The rating reflects the bank's solid franchise, satisfactory financials, the structure of the notes and the possible systemic support from the Hong Kong government, Moody's said.

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