Moody's affirms Dah Sing Bank

Moody's Investors Service said it affirmed Dah Sing Bank's Baa1/P-2 long-term/short-term deposit ratings and C- bank financial strength rating following its planned purchase of 100% of Banco Comercial de Macau, 96% of Companhia de Seguros de Macau, and 96% of Companhia de Seguros de Macau Vida.

The outlook remains stable.

Moody's said the affirmation reflects the small scale of the transaction, Dah Sing Bank's strong management team, good track record in bank acquisitions and focused strategy. The affirmation also incorporates Moody's expectation that the bank will continue to perform well, despite its position as a smaller player in a crowded market. Dah Sing Bank's higher risk profile is balanced by its sound asset quality and reasonable profitability.

The ratings affirmed also include Dah Sing Bank Ltd.'s senior unsecured debt at Baa1, subordinated debt at Baa2 and junior subordinated debt at Baa2; Dah Sing MTN Financing Ltd.'s backed senior unsecured debt domestic currency at Baa1, backed subordinated debt all domestic currency at Baa2 and backed junior subordinated debt all domestic currency at Baa2; and Dah Sing SAR Financing Ltd.'s backed subordinated debt domestic currency at Baa2 and backed junior subordinated debt domestic currency at Baa2.

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