Moody's boosts Dah Sing Bank

Moody's Investors Service said it upgraded Dah Sing Bank's (DSB) bank financial strength rating to C from C- and, in line with the change, all of the bank's deposit and debt ratings have also been upgraded.

DSB's long-term and short-term foreign currency deposit ratings have been upgraded to A3/Prime-1 from Baa1/Prime-2 and Moody's said it has also assigned long term/short term local currency deposit ratings of A3/Prime-1.

Under the Euro medium-term note program, the rating of the senior unsecured notes has been upgraded to A3 from Baa1 while those of the subordinated and the junior subordinated notes have been upgraded to Baa1 from Baa2.

The outlook is stable.

Moody's said the upgrade reflects DSB's demonstrated ability to weather volatilities of the Hong Kong market, the recent capital injection, its adequate financial fundamentals, its market niche in high-yielding lending segments and potential benefits of its two acquisitions in 2005.

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