Moody's rates Chong Hing Bank notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to Chong Hing Bank's subordinated notes due in November 2020.

The outlook is stable.

The rating is subject to receipt of final documents.

The notes represent direct, unsecured, unconditional and subordinated obligations of the bank. The note rating is one notch below the bank's long-term deposit ratings of Baa2, reflecting their subordinated status.

The ratings reflect its solid balance sheet with strong capitalization and stable funding, Moody's said, as well as its conservative risk culture.

The ratings also take into account the bank's small franchise and modest profitability, the agency said.

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