Fitch rates Dah Sing Bank notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Dah Sing Bank Ltd.'s $150 million subordinated notes due 2017 with a call option in 2012. The notes will be issued under the bank's $1 billion MTN program and will qualify as supplementary capital (lower tier 2 capital) under the Hong Kong Banking Ordinance.

Fitch said it expects the notes will help strengthen the bank's capital base and support its plans to acquire a local restricted license bank, Pacific Finance Ltd., for a consideration of HK$936 million as announced in late June, as well as Banco Comercial De Macau and its insurance subsidiaries for a total consideration of HK$1.67 billion as announced in early August.

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. Fitch noted the bank has managed to maintain above-average asset quality.

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