Fitch upgrades Wing Hang Bank, Banco Weng Hang

Fitch Ratings said it upgraded Wing Hang Bank Ltd.’s long-term issuer default rating to A+ from A- and short-term issuer default rating to F1 from F2.

The agency also said it upgraded the long-term issuer default rating of Banco Weng Hang, a wholly-owned subsidiary of Wing Hang Bank, to A+ from A-, along with its short-term issuer default rating to F1 from F2.

Wing Hang Bank’s perpetual junior subordinated notes also were upgraded to BBB+ from BBB-.

The outlook on both banks is stable.

The upgrades reflect a classification of both entities as strategically important subsidiaries of Oversea-Chinese Banking Corp. Ltd., which results in ratings that are one notch below those of Oversea-Chinese Banking, Fitch said.

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