Moody's boosts Wing Lung Bank

Moody's Investors Service said it upgraded Wing Lung Bank's (WLB) bank financial strength rating to C+ from C.

The agency added WLB's long-term and short-term foreign currency deposit ratings have also been upgraded to A2/P-1 from Baa1/P-2.

Moody's said it has assigned long-term/short-term local currency deposit ratings of A2/P-1. The outlook is stable.

The upgrades reflect WLB's demonstrated ability to weather volatilities of the Hong Kong market, its flexibility to enhance profitability through balance sheet expansion and its solid financials, noted the rating agency.

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