Fitch affirms DBS Bank (Hong Kong)

Fitch Ratings said it affirmed DBS Bank (Hong Kong) Ltd.'s long-term foreign-currency issuer default ratings at AA- and short-term issuer default rating at F1+.

The outlook remains stable.

The ratings reflect its sound asset quality, good capital adequacy and its tight integration with its sole parent, Singapore's DBS Bank, which is rated AA- with stable outlook, Fitch said.

In 2009, the agency said it expects the bank's profitability will remain under pressure as fee income is still subdued while credit costs remain high amid an ongoing difficult operating environment.

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