Fitch rates Chong Hing Bank notes BBB

Fitch Ratings said it assigned a final BBB rating to Chong Hing Bank Ltd.'s issue of $225 million in subordinated notes due November 2020. The final rating of the notes is the same as the expected rating assigned in October.

The bank has a long-term issuer default rating of BBB+ and short-term issuer default rating of F2.

The new issuance will be used by the bank to strengthen its capital base and to fund business growth, Fitch said.

The notes currently qualify as supplementary capital (lower tier-2 capital) and represent direct, unsecured and subordinated obligations of the bank, the agency said.

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