Fitch shifts Far East Horizon view to stable

Fitch Ratings said it revised the outlook for Far East Horizon Ltd. to stable from negative on reduced leverage.

“The change in the outlook to stable reflects Far East Horizon’s lower leverage, measured by debt/tangible equity, of 6.2x at end-1H19, from a high of 7.4x in 1H18, and our expectation that this trend will continue. This has been achieved at the same time as maintaining a stable franchise and market position,” said Fitch in a press release.

The agency affirmed Far East Horizon’s BBB- rating as well as the rating on its subordinated perpetual capital securities.

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