Fitch lowers Pan Asia view to stable

Fitch Ratings said it revised Pan Asia Banking Corporation plc's outlook to stable from positive and affirmed the bank's national long-term rating at BBB(lka).

The agency also said it affirmed the company's subordinated debentures at BBB-(lka).

The outlook revision reflects the unanticipated rapid deterioration in its credit profile, Fitch said.

The company's new and unprovided non-performing loans exceed that of its peers, exerting additional pressure on its declining capitalization, the agency said.

These negative developments are offset by an expectation for a slowdown in loans growth, sufficient internal revenue generation to meet capital requirements and the company's acceptable funding profile, Fitch said.

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