Fitch affirms DBS Bank (Hong Kong) at AA-

Fitch Ratings said it affirmed DBS Bank (Hong Kong) Ltd.’s long-term issuer default rating at AA- with a stable outlook.

At the same time, the agency assigned a viability rating of a-.

Fitch said the affirmation reflects its view of the strong ability and propensity of DBS Bank Ltd. (AA-/stable/aa-) to extend timely support to its wholly owned subsidiary in Hong Kong, if required.

The agency equalizes DBS Bank (Hong Kong)’s issuer default ratings with those of DBS on the basis of a high level of integration and DBS Bank (Hong Kong)’s integral role in providing many of its parent's core products and services within the important greater China market.

DBS Bank (Hong Kong) has a sound record of profit contribution to the group (2017: 15.5% of pre-tax profit), and its assets accounted for 13% at end-2017, Fitch explained.

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