Moody's acts on Hong Kong banks

Moody's Investors Service said it acted on six Hong Kong banks.

The upgrades were driven by changes to Moody's advanced loss given failure framework, which is applied to banks operating in jurisdictions with operation resolution regimes, following the publication of Moody's updated banks methodology on Friday, the agency said.

Moody's upgraded the subordinated debt rating of Bank of East Asia Ltd. to Baa2(hyb) from Baa3(hyb), the subordinated debt ratings of China Citic Bank International Ltd. to Baa2(hyb) from Baa3(hyb), the subordinated program ratings of Chong Hing Bank Ltd. to (P)Baa2 from (P)Baa3, the subordinated debt ratings of CMB Wing Lung Bank Ltd. to Baa1(hyb) from Baa2(hyb), the subordinated program ratings of Industrial & Commercial Bank of China (Asia) Ltd. to (P)Baa1 from (P)Baa2 and the subordinated debt ratings of Nanyang Commercial Bank, Ltd. to Baa2(hyb) from Baa3(hyb).

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