Moody's upgrades CMB International

Moody's Investors Service said it upgraded CMB International Capital Corp. Ltd.'s long-term issuer rating to A3 from Baa1.

The agency also boosted Legend Fortune Ltd.'s backed senior unsecured medium-term note program ratings to (P)A3 from (P)Baa1 and its backed senior unsecured rating to A3 from Baa1. Both the MTN program and senior unsecured notes issued under the program are guaranteed under a trust deed by CMB International. Legend Fortune is incorporated in British Virgin Islands and is an indirect wholly owned subsidiary of CMB International.

The upgrade and outlook revision follows Moody’s upgrade of parent China Merchants Bank’s deposit and MTN program ratings to A2 from A3 and the change in outlook to stable from positive, Moody’s said. It cited the bank’s improved profitability, capital and funding, durable asset quality as well as lower risk in its off-balance sheet wealth management products.

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