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Rating Action:

Moody's downgrades Nanyang Commercial Bank's ratings; outlook stable

 The document has been translated in other languages

02 Dec 2014

Hong Kong, December 02, 2014 -- Hong Kong , December 2, 2014 -- Moody's Investors Service has today downgraded the long-term bank deposit ratings of Nanyang Commercial Bank, Ltd. to A1 from Aa3, and lowered the bank's baseline credit assessment (BCA) to baa1 from a3. The Bank Financial Strength Rating (BFSR) has been downgraded to C-. The banks' short term deposit ratings are affirmed at P-1. The outlook on the bank's ratings has been revised to stable from negative.

Nanyang Commercial Bank's deposit ratings remain three notches above its BCA and incorporates expected strong support from its parent Bank of China (Hong Kong) Limited (BOC (Hong Kong)) (deposit Aa3 stable, BCA a2).

RATINGS RATIONALE

The rating downgrade for Nanyang Commercial Bank reflects its weaker risk profile as a result of growing mainland exposure. The bank's mainland exposures have grown strongly in the past two years, largely driven by the rapid expansion of its mainland subsidiary, Nanyang Commercial Bank (China). At end-June 2014, the bank's lending to mainland customers amounted to 50.2% of the bank's total loans.

We consider the bank's mainland loans riskier than the bank's traditional Hong Kong loans as the mainland economic growth moderates. The bank's lending to mainland customers reported a higher impaired loan ratio at 1.2%, versus 0.25% for lending to Hong Kong customers. In addition, its overdue loans for mainland customers also increased to 1.41% at end-June 2014 from 0.99% at end-2013 and 0.74% at end-2012.

The bank reported higher overall problem loans ratio of 0.73% at end-June 2014, up 39 basis-points from 0.34% at end-2013. We expect problem loans to further rise from their current levels in the remainder of 2014 and likely into 2015.

While the bank's risk profile has weakened due to its growing mainland exposures, its strong capital adequacy bolsters its ability to withstand potential loan asset quality deterioration. We noted that its capitalization has been trending down in recent years, with Tier 1 ratio of 13.12% at end-June 2014, down from 13.53% at end-2013. Nevertheless, we expect that BOC(Hong Kong) will provide capital support in the event of need, to support its expansion of mainland operations.

The bank reported sound profitability with net interest margins of 1.86% in the first half of 2014, owing to better margins on its mainland exposures and on-going re-pricing of corporate loans. The bank also has better than peers operating efficiency with average cost-income ratio between 2011 and first half 2014 of 36.6%, as the bank benefits from tight expense control and leverages resources from its parent.

The bank's liquidity profile remains sound, with stable customer deposits making up 80.2% of total liabilities. The bank's loan-to-deposit ratio was 73.5% at end-June 2014.

We have assigned a deposit rating of A1 for Nanyang Commercial Bank. Expected direct parental support and indirect systemic support results in a three-notch uplift to the bank's deposit ratings from its BCA. We have incorporated very strong parental support in assessing the bank's deposit ratings, given its parent and its roles as the group's main operating entity in China.

What Could Change the Rating -- Up

Nanyang Commercial Bank's deposit ratings reflect our assumption of strong parental support from BOC (Hong Kong). Because the deposit ratings already incorporate a three-notch uplift based on parental support, it is unlikely that the ratings will be further upgraded.

The bank's BCA can be adjusted higher if the bank can improve its capitalization, and if asset quality of its mainland loans stabilizes or even improves as the mainland economy continues to slow down, and mainland exposures do not increase rapidly as a proportion of its overall loans.

What could change the rating - Down

Nanyang Commercial Bank's deposit ratings could be downgraded if the likelihood of parental support diminishes. The standalone assessment could be adjusted lower if the bank does not maintain its asset quality and capital adequacy while it expands.

Moreover, a review for downgrade could occur if the bank's Tier 1 ratio falls below 10%, or if impaired loans rise above 2.0% of gross loans.

The principal methodology used in this rating was Global Banks published in July 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Nanyang Commercial Bank reported total assets of HKD295 billion ($38 billion) as of 30 June 2014.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

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The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Sonny Hsu, CFA
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's downgrades Nanyang Commercial Bank's ratings; outlook stable
No Related Data.
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