Fitch affirms Citic Ka Wah Bank

Fitch Ratings said it affirmed Hong Kong-based Citic Ka Wah Bank's long-term foreign currency issuer default rating at BBB+, short-term foreign currency rating at F2, individual rating at C and support rating at 3.

The outlook is stable.

Fitch said the ratings reflect Citic Ka Wah's adequate credit profile with significantly improved asset quality and sound capitalization. These positive factors mitigate its above-average China-related exposures versus its Hong Kong peers.

Its rating also reflects its lower but still satisfactory underlying profitability, the agency noted.

© 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.