S&P rates Bank of East Asia notes BB

Standard & Poor’s said it assigned a BB long-term issue rating to a proposed issuance of additional tier-1 perpetual subordinated capital securities by the Bank of East Asia Ltd.

The agency also said it assigned a cnBBB long-term Greater China regional scale rating to the securities.

The ratings were assigned to these notes in accordance with the agency’s criteria for hybrid capital instruments.

The ratings reflect the bank’s stand-alone credit profile of BBB+, along with notching based on the agency’s criteria, S&P said.

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