Fitch affirms ICBC Macau

Fitch Ratings said it has affirmed Industrial and Commercial Bank of China (Macau) Ltd.'s (formerly Seng Heng Bank Ltd., SHB) individual rating at C and support rating at 2.

"ICBC Macau's individual rating may be downgraded if there is any substantial deterioration in its asset quality and balance-sheet strength," said Sabine Bauer, director in Fitch's Financial Institutions team.

"In its view, the main pressures stem from further economic contraction in Macau and neighbouring Hong Kong, as well as from an existing oversupply in the country's previous growth areas such as casinos, hotels, shopping malls and upmarket residential apartments, due to declining tourist activity," added Bauer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.