Fitch ups Pan Asia to BBB-(lka)

Fitch Ratings said it upgraded the national long-term rating of Pan Asia Banking Corp. Ltd. to BBB-(lka) from BB+(lka).

The outlook remains stable.

The upgrade recognizes improvements in the bank's profitability and relative improvements in its capitalization ratios and asset quality since the bank was first rated in 2005, Fitch said.

The rating is constrained by the current level of solvency and high sectoral concentrations in the credit portfolio, the agency added.

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