Moody's cuts short-term ratings of three Asia banks

Moody's Investors Service said it affirmed the A3 long-term deposit ratings of Bank of Communications, Dah Sing Bank Ltd. and Public Bank (Hong Kong) Ltd.

Moody's also said it downgraded their short-term deposit ratings to prime-2 from prime-1.

The outlook for all three banks is stable.

The downgrades reflect a view that these banks continue to feature the credit characteristics of companies with A3 ratings, but Moody's also acknowledged the transition risks of short-term ratings that A3-rated banks represent over time.

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