Fitch affirms Citic Ka Wah Bank

Fitch Ratings said it affirmed the long-term and short-term issuer default ratings of Citic Ka Wah Bank at BBB+ and F2, respectively. The bank's individual rating is C, support rating is 3 and support rating floor is BB.

Both the bank's wholesale and retail banking businesses reported improved operating results, the agency said. Fitch said it regards positively the bank's efforts to invest in talent and to strengthen its product and service development and risk management capabilities.

However, the bank is likely to encounter some headwinds in the second half of 2007 amid the global credit market turmoil, the agency said.

© 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.