Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Chong Hing Bank Ltd. > News item |
Moody’s: Chong Hing securities Ba2 (hyb)
Moody's Investors Service said it assigned a Ba2 (hyb) rating to Chong Hing Bank Ltd.'s proposed issuance of dollar-denominated noncumulative subordinated undated additional tier 1 capital securities.
The outlook is negative, in line with the negative outlook for the bank's existing ratings.
The terms and conditions of the capital securities incorporate Basel III-compliant non-viability language in accordance with Hong Kong capital rules, and will qualify as regulatory additional tier 1 capital.
The rating is positioned three notches below the bank's baa2 baseline credit assessment/adjusted baseline credit assessment, in line with Moody's standard notching guidance for preferred securities with loss triggered at the point of non-viability on a contractual basis.
Moody’s said the three-notch difference from the adjusted baseline credit assessment reflects the probability of impairment associated with noncumulative coupon suspension, as well as the likelihood of high loss severity when the bank reaches the point of non-viability.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.