Moody's upgrades E. Sun Commercial

Moody's Investors Service said it upgraded E. Sun Commercial Bank, Ltd.'s long-term deposit rating to A2 from A3 and short-term deposit rating to P-1 from P-2.

Moody's also said it upgraded the bank's long-term senior unsecured rating to A2 from A3, long-term counterparty risk assessment to A1(cr) from A2(cr) and long-term counterparty risk ratings to A1 from A2.

The agency also said it affirmed the bank's baseline credit assessment and adjusted baseline credit assessment at Baa2, short-term CR assessment at P-1(cr) and short-term counterparty risk ratings at P-1.

Moody's also upgraded E. Sun Financial Holding Co. Ltd.'s long-term issuer ratings to A3 from Baa1 and affirmed its short-term issuer rating at P-2.

The outlook remains stable.

The ratings take into account E. Sun's track record of sound asset quality metrics with healthy loan-loss coverage, improvement in capitalization, improving profitability and sound liquidity profile, Moody's said.

The ratings also consider the bank's high exposure to the property, electronics and related equipment sectors and above peer-average loan growth in previous years, the agency said.

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