Moody's lowers some Hong Kong hybrids

Moody's Investors Service said it downgraded the ratings on certain hybrid securities of Hong Kong banks and their subsidiaries, including Bank of East Asia and subsidiary, Innovate Holdings, Citic Ka Wah Bank and subsidiary CKWH-UT2, Dah Sing Bank, Hongkong and Shanghai Banking Corp., Standard Chartered Bank (Hong Kong) and Wing Hang Bank. All other ratings on these banks remain unchanged.

The outlooks of Dah Sing Bank, Hongkong and Shanghai Banking, Standard Chartered Bank (Hong Kong) and Wing Hang Bank are stable. The outlooks of Bank of East Asia and Citic Ka Wah Bank are negative.

Bank of East Asia's junior subordinated debts were downgraded to Baa3 and Innovate's non-cumulative hybrid instruments were downgraded to Ba3.

Citic Ka Wah Bank and CKWB-UT2's junior subordinated debts were downgraded to Ba1.

Dah Sing Bank's junior subordinated debts were downgraded to Baa2.

Hongkong and Shanghai Banking's junior subordinated debts were downgraded to Aa3.

Standard Chartered Bank (Hong Kong)'s junior subordinated debts were downgraded to A2.

Wing Hang Bank's junior subordinated debts were downgraded to Baa1.

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