Fitch rates Dah Sing Bank notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Dah Sing Bank Ltd.'s $200 million perpetual subordinated notes with a call option in 2017 and affirmed its long-term foreign-currency rating at A- with stable outlook, short-term rating at F2, individual rating at B and support rating at 3.

The notes will be issued under the bank's $2 billion medium-term note program and will qualify as supplementary capital under the Hong Kong banking ordinance and Hong Kong banking rules. The notes will help strengthen the bank's capital base and support its imminent 17% stake investment in Chongqing Commercial Bank in China and general business growth, Fitch said.

The bank's ratings reflect its consistent record of combining innovative management and prudent risk controls to achieve both good profitability and sound asset quality, the agency said. Fitch said the bank continues to maintain superior asset quality with a low impaired loan ratio of 0.69% and an adequate specific reserves coverage for its impaired loans of 52% at mid-2006.

© 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.