Moody’s ups Wing Lung Bank to stable

Moody's Investors Service said it took the following actions on two Hong Kong subsidiaries of mid-sized Mainland Chinese banks:

• Affirmed Wing Lung Bank Ltd.'s baa1 baseline credit assessment (BCA) and adjusted BCA, A3/P-2 deposit ratings, and all other ratings and counterparty risk assessments; the outlook was revised to stable from negative; and

• Affirmed China Citic Bank International Ltd.’s baa2 BCA and adjusted BCA, Baa1/P-2 deposit ratings, and all other ratings and CRA; the remains negative.

The actions follow Moody's actions on Wing Lung Bank’s and China Citic Bank International’s parents – China Merchants Bank Co., Ltd. (Baa1 stable, ba1) and China Citic Bank Corp. Ltd. (Baa2 stable, ba2) – as announced on Oct. 17.

Outlooks, which provide an opinion on likely rating directions over the medium-term, are assigned only to a bank's long-term deposit, issuer and senior unsecured debt ratings.

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