Hong Kong, June 24, 2013 -- Moody's Investors Service has changed the outlooks for the bank
financial strength ratings (BFSRs)/Baseline Credit Assessments (BCAs)
of eight Hong Kong banks to negative from stable, and one bank's
BFSR outlook to stable from positive.
In addition, Moody's has lowered Wing Lung Bank's BFSR
by one notch, and affirmed all other ratings of the nine banks.
Moody's has affirmed the deposit ratings of all the nine banks involved
in this rating action. However, it has changed the outlooks
on the deposit ratings for five of the nine banks concerned to negative
from stable, while those for the other four banks are unchanged
at stable. Please click here for a list of the affected credit
ratings. http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_155742.
This list is an integral part of this press release and identifies each
affected issuer.
RATINGS RATIONALE
The rating actions follow Moody's decision to revise the outlook
for Hong Kong's banking system to negative from stable.
The change in the banking system outlook reflects the agency's concerns
regarding persistent negative real interest rates and potential property
bubbles in Hong Kong, as well as Hong Kong banks' growing
exposures to Mainland China. These factors could result in adverse
operating conditions for Hong Kong banks over the outlook horizon.
Residential, commercial, and industrial property prices in
Hong Kong have all more than doubled since 2009 and are currently at historically
high levels. There is growing integration between Hong Kong's
economy with that of the Mainland. While the economic integration
creates business opportunities for banks and their customers, it
also entails risks. The Mainland's transition from an export-
and investment-driven economic growth model to a consumption-led
model creates uncertainties and may expose overcapacity in certain industries.
A separate press release to be published today elaborates on the rationale
for the change in the banking system outlook.
All of the nine affected banks reported problem loan ratios that were
at or near historically low levels at end-2012, and their
current asset quality metrics compare very favorably against global peers.
However, latent risks are building in the banking system,
as domestic leverage increases and the exposures to the Mainland grow.
Moody's anticipates a turning point during the outlook horizon when
these banks' problem loans will rise from current low levels as
conditions become more challenging. While the precise timing of
the turning point cannot be determined with precision, a tightening
of US monetary policy, which directly affects Hong Kong via the
Hong Kong dollar peg, is likely to be one trigger for a cyclical
deterioration in asset quality.
At end-2012, local property-related lending,
trade and export finance, and Mainland exposures together accounted
for more than half of the banks' total loans.
Nevertheless, Hong Kong banks remain among the highest-rated
banks globally, and their credit ratings continue to reflect strengths
such as solid levels of capitalization, sound funding profiles and
liquidity positions, and established retail franchises.
Four of the nine rated banks affected by this rating action are subsidiaries
of Mainland banks. Most of them have grown at a faster pace than
their peers owing to customer referrals from their parents. Their
Mainland corporate exposures are higher than the peer average, as
they serve the offshore financing needs of their parent banks' corporate
customers. The change in outlook for these banks' BFSRs takes
into account these banks' increasing integration with their parents
and the fact that the quality of their Mainland exposures have not been
fully tested in an economic downturn.
The negative outlooks on deposits for five of the nine banks reflect the
negative outlooks on their BFSRs. The outlooks for the other four
banks are stable owing to expected strong support from these banks'
overseas and Mainland parents, which would likely mitigate downward
pressure on their standalone credit quality.
The Hong Kong subsidiaries are of strategic importance to their overseas
and Mainland parents, given Hong Kong's position as a major
regional financial hub, and the overlap in customers between the
subsidiaries and their parents.
The subordinated debt ratings of four of the nine banks incorporate elements
of systemic support, as they are currently notched off the banks'
deposit ratings.
Moody's placed the subordinated debt ratings of these four banks
on review for downgrade on 3 June 2013, as indicated in this press
release. These banks' subordinated debt ratings remain on
review for downgrade following today's rating actions.
Moody's Global Bank Rating Methodology published on 31 May 2013 indicated
that going forward, the default approach for rating bank subordinated
debt is to notch them off banks' adjusted baseline credit assessments.
The update in methodology has led to simultaneous reviews for bank subordinated
debt ratings in several Asian countries.
BANK-SPECIFIC RATING CONSIDERATIONS
BANK OF EAST ASIA, LTD
Bank of East Asia's C-/baa2 BFSR and BCA reflect its strong
liquidity profile, improving, albeit below peer-average
profitability, and its large and growing Mainland exposures.
The bank's A2 long-term deposit ratings incorporate three
notches of systemic support. The potential systemic support stems
from the bank's market position as the largest independent local bank.
The outlooks on the BFSR/BCA and deposit ratings were changed to negative
from stable reflecting Moody's concerns over the bank's large
and growing Mainland exposures, as well as an expected more challenging
operating condition in Hong Kong over the outlook horizon. Bank
of East Asia has one of the largest branch networks in Mainland China
among foreign banks. Mainland loan exposures accounted for 43%
of overall loans at end-2012, and consisted largely of corporate
loans. Given limited growth opportunities in Hong Kong and strong
demand for credit in China, we expect Mainland exposures to account
for an increasing share of overall loans. The bank's large
and fast-growing Mainland exposures render it susceptible to potential
adverse developments in the Mainland economy.
Due partially to its fast growth and modest internal capital generation,
the bank has raised external capital on three different occasions since
2009. Nevertheless, fresh equity raising in 2012 and the
sale of majority ownership in its US subsidiary brought the bank's
Tier 1 ratio to a satisfactory 10.7% at end-2012.
Bank of East Asia's profitability has been modest, with three-year
average return on risk-weighted assets of 1.42% between
2010-2012. In line with its Hong Kong peers, Bank
of East Asia has a liquid balance sheet, with funding consisting
largely of customer deposits.
What Could Change the Rating Up/Down
Bank of East Asia's deposit rating of A2 is high and is unlikely
to be upgraded.
The bank's ratings may be downgraded if persistent strong loan and
asset growth outweigh capital generation, leading to Tier 1 capitalization
below 9.5%. Further increases in Mainland exposures,
or a material slowdown in the Hong Kong and Mainland economies may also
lead to downgrades.
CHINA CITIC BANK INTERNATIONAL LTD
China CITIC Bank International's standalone D+/baa3 BFSR and BCA
reflect its good capitalization, revamped risk management framework
and processes, and steadily improving asset quality metrics.
The positive factors are offset by its high borrower concentration,
below peer-average profitability, and increasing exposures
to Chinese borrowers. The bank's Baa2 long-term deposit
rating factors in very high parental support from China CITIC Bank Corporation
Limited (deposits Baa2 stable, BFSR D/BCA ba2 stable)), which
owns 70% of the bank.
The outlook on the bank's BFSR/BCA was changed to stable from positive
and reflect risks associated with the bank's growing Mainland exposures.
Mainland loans amounted to 32% of overall loans at end-2012,
and are likely to increase further as the bank increasingly serves the
cross border banking needs of its Mainland customers. Growth in
Mainland exposures renders the bank susceptible to potential adverse developments
in the Mainland economy.
The bank has maintained sound capitalization over the past three years.
Its Tier 1 ratio was 11.8% at end-2012. In
the event of stress, capital support from China CITIC Bank is likely.
The impaired loan ratio at end-2012 was roughly in-line
with the rated Hong Kong bank average at 0.45% of loans.
Growing volume of Mainland business has contributed to improved margins
and overall profitability. Nevertheless, profitability continues
to lag behind the Hong Kong peer average with net return on average risk-weighted
assets of 1.32%.
What Could Change the Rating Up/Down
China CITIC Bank International's deposit rating could be upgraded if the
parent's deposit ratings were upgraded. An upward adjustment
of the bank's standalone assessment will depend on the bank maintaining
its good asset quality metrics and capitalization, and demonstrating
the sustainability of its franchise serving the offshore banking needs
of Mainland customers.
Any decline in parental support or a downgrade in the parent's rating
could lead to a downgrade of the bank's deposit rating. A
material increase in riskier Mainland exposures may lead to lower standalone
assessment. A material deterioration in the bank's capitalization
(Tier 1 ratio below 9.5%) and/or asset quality (with impaired
loans accounting for more than 3% of overall loans) due to imprudent
expansion or misjudged credit allocation could also lead to a lower standalone
assessment.
CHINA CONSTRUCTION BANK (ASIA) CORP. LTD
China Construction Bank (Asia) Corp. Ltd. ("CCB Asia")'s
standalone BFSR and BCA of C/a3 reflect its strong capitalization,
good asset quality metrics, and growing Mainland exposures.
The bank's A2 deposit rating incorporates very strong expected support
from its parent China Construction Bank Corporation (deposits A1 stable,
BFSR D+/BCA ba1 stable).
The outlook on the BFSR/BCA was revised to negative from stable reflecting
expected further decline in the bank's capitalization, risks
associated with the bank's growing Mainland exposures, and
Moody's assessment of unfavorable operating conditions for small
and medium sized enterprises in the Pearl River Delta. CCB Asia's
Mainland bank exposures amounted to 39% of total assets while exposures
to Mainland corporate borrowers represented an additional 13% at
end-2012. As the bank continues to grow at a pace faster
than the industry average, its capitalization is likely to decline
further from a high level of 16.6% at end-2012.
Nevertheless, the outlook on the bank's deposit rating remains
stable given our expectation of very strong support from its parent.
CCB Asia has maintained sound asset quality metrics in recent years,
and its impaired loan ratio was 0.22% at end-2012.
CCB Asia's profitability has been below its peer average in Hong Kong.
The bank's three-year average return on average risk-weighted
assets between 2010 and 2012 was 0.91%. CCB Asia
has a weaker funding profile than its peers. The bank's loan
to deposit ratio was consistently above 90% between 2009 and 2011
due to strong customer loan growth.
What Could Change the Rating Up/Down
CCB Asia's deposit rating could be upgraded if the deposit ratings of
its parent China Construction Bank were upgraded. The bank's
BCA is high relative to its size and is unlikely to be upgraded.
CCB Asia's deposit rating could be downgraded if parental support
diminishes. The bank's BCA will likely be adjusted downward
if there is material shift away from its traditional focus on serving
local Hong Kong customers, or if there is a weakening in its risk
management and controls. Its BCA could also be adjusted downgraded
if there is a material decline in its capitalization due to aggressive
expansion, with Tier 1 capitalization falling below 12%.
DAH SING BANK, LTD
Dah Sing Bank's standalone BFSR/BCA of C/a3 reflects its sound asset
quality, adequate capitalization and good liquidity profile.
These positive factors are partially offset by its high borrower concentration
and growing exposures to Mainland borrowers. The bank's long-term
deposit rating is in line with its BCA at A3.
The outlooks on the bank's BFSR/BCA and deposit ratings were revised
to negative from stable reflecting risks stemming from the potential asset
bubbles in Hong Kong, and the unfavorable operating environment
for small and medium sized enterprises in the Pearl River Delta due to
rising land and labor costs, appreciating RMB, and slow growth
in export orders.
Dah Sing Bank's overall impaired loan ratio was 0.35%
at end-2012. The bank's large exposures to small and
medium enterprises in the trading and export sectors and growing exposures
to Mainland customers raise concerns and may pose challenges when the
credit cycle turns. Dah Sing Bank has maintained satisfactory capitalization,
with Tier 1 ratios of around 10% since 2009. The bank also
maintains adequate liquidity and is funded primarily by deposits.
The bank's loan-to-deposit ratio stood at a healthy
level of 73% at end-2012. Intense competition,
low interest rates, and elevated operating expenses have weighed
on the bank's profitability. Net income over average risk-weighted
assets was 1.46% in 2012.
What Could Change the Rating Up/Down
A rating upgrade is unlikely as the bank's ratings are already high
relative to its size. However, upward pressure could arise
if: (1) its profitability improves, with a return of 1.8%
or above on average risk-weighted assets; and (2) its franchise
and market position strengthen substantially.
Deterioration in the operating environment can trigger a downgrade for
the bank's rating. A material rise in NPLs, whether
in Hong Kong or Mainland-related would be negative for the rating.
The bank's rating could also be downgraded if strong asset growth
weakens the bank's capitalization, such that Tier 1 ratio
falls below 9.5%, or if impaired loan ratio exceeds
1.5%.
DBS BANK (HONG KONG) LTD
DBS Bank (HK)'s BFSR/BCA of C+/a2 reflects its strong capitalization
and adequate liquidity profile. Nevertheless, negative real
interest rates, potential bubbles in the Hong Kong property market,
and difficult operating conditions for small and medium enterprises pose
risks for the bank. The bank's Aa3 deposit ratings incorporate
a very high probability of support from its parent DBS Bank Ltd (deposits
Aa1 negative, BFSR B/BCA aa3 negative), given the bank's strategic
importance and its close affiliation with its parent and other members
of the group.
The outlooks on the bank's BFSR/BCA and deposit ratings were revised
to negative from stable reflecting risks stemming from potential asset
bubble in Hong Kong, and unfavorable operating environment for small
and medium sized enterprises in the Pearl River Delta due to rising costs,
appreciating RMB, and limited growth in export orders. Sizable
exposures to Hong Kong properties and small and medium enterprises render
the bank susceptible to deterioration in domestic and external economic
conditions. The outlook on the parent's BFSR is also negative,
and reflects its relatively fast changing risk profile as it pursues a
regional expansion strategy.
DBS Bank (HK)'s capital adequacy improved in 2012 due to strong
internal capital generation and a decline in loan balances. The
bank's Tier 1 ratio rose to 14.3% at end-2012.
Capitalization will likely decline in 2013 with expected loan growth.
The bank has adequate liquidity profile and is largely funded by customer
deposits. The loan-to-deposit ratio was 82.7%
at end-2012, down from 105.5% a year ago.
DBS Bank (HK)'s asset quality metrics have improved in recent years,
and the impaired loan ratio fell to 0.78% at end-2012.
What Could Change the Rating Up/Down
The deposit rating is already high and is therefore unlikely to be upgraded.
For the BCA to be adjusted upward, the bank would have to substantially
strengthen its franchise.
The bank's deposit rating may be downgraded if there is a weakening in
parental support or if the parent's BCA is adjusted downward.
Deterioration in operating conditions or sustained economic imbalances
may trigger a downgrade. Adverse developments in developed markets,
Mainland China or the local property market can all negatively impact
the bank due to its sizable property loans and exposures to SMEs.
The BCA can be also adjusted downward if asset quality deteriorates due
to aggressive credit growth, with impaired loans rising above 2%
of gross loans. A material decline in capitalization with its Tier
1 ratio falling below 9.5% may also trigger a downgrade.
INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LTD
ICBC Asia's BFSR/BCA of C-/baa2 reflect its sound capitalization
and good asset quality. It also takes into account its corporate
banking focus and underdeveloped retail presence, and its increasing
exposures to Mainland customers through referrals from its parent Industrial
& Commercial Bank of China (deposits A1 stable, BFSR D+/BCA
ba1 stable). ICBC Asia's long-term deposit ratings
of A2 incorporated three notches of uplift from expected strong support
from the parent.
The outlook on the BFSR/BCA was revised to negative from stable reflecting
risks associated with the bank's fast pace of growth relatively
to peers, underdeveloped retail franchise, and greater reliance
on wholesale funding. Nevertheless, the outlook on the bank's
deposit rating remains stable given our expectation of very strong support
from its parent.
ICBC Asia's total assets nearly doubled between end-2009
and end-2012, while customer advances rose by 50%.
Trade finance loans made up 27% of total loan balance at end-2012.
Most of the bank's trade finance loans are guaranteed by its parent,
rendering them interbank exposures to its parent.
ICBC Asia relies to a greater extent on wholesale funding than its peers.
Customer deposits accounted for two thirds of overall liabilities at end-2012.
Despite strong loan and asset growth, equity injections from the
parent between 2010 and 2012 helped the bank maintain its capitalization.
Tier 1 capitalization was strong at 12.04% at end-2012.
The bank's asset quality metrics are comparable with the peer average
in Hong Kong, with impaired loans amounting to 0.47%
of gross loans at end-2012.
What Could Change the Rating Up/Down
ICBC Asia's deposit rating is one notch below that of its parent.
The bank's deposit rating may be upgraded if its parent's
deposit rating is upgraded. The bank's good capitalization
and asset quality metrics are comparable to banks with higher BCAs.
However, the bank's strong loan and asset growth in recent
years, relatively under-developed retail franchise,
and greater reliance on wholesale funding weigh on its rating.
The bank's BCA may be adjusted upward if it can maintain its current capitalization
and asset quality, strengthen its retail franchise, and reduce
its reliance on wholesale funding.
ICBC Asia's deposit rating may be downgraded if parental support
weakens. The bank's BCA may be adjusted downward if its asset
quality deteriorates due to aggressive and imprudent credit growth,
with impaired loans rising above 2.0% of gross loans.
A decline in its Tier 1 ratio below 9% may also trigger a review
for downgrade. Further increase in direct Mainland exposures and
deterioration in the operating environment may also lead to a BFSR downgrade.
STANDARD CHARTERED BANK (HONG KONG) LTD
Standard Chartered Bank (Hong Kong) Ltd (Stanchart HK)'s BFSR and
BCA of B-/a1 take into account its well-established franchise
in Hong Kong, good asset quality, strong profitability and
very good liquidity. These positive factors are partially offset
by its increased leverage following three years of strong loan growth.
The bank's Aa3 deposit rating incorporates Moody's assessment
of very high likelihood of support from the Hong Kong government.
The outlook on the bank's BFSR/BCA was revised to negative from
stable reflecting the bank's higher balance sheet leverage relative
to peers and Moody's expectation of more challenging operating conditions
over the outlook horizon. Nevertheless, the outlook on the
bank's deposit rating remains stable given our expectation of very
strong support from its parent and the Hong Kong government. Strong
loan and asset growth in recent years have led to increased balance sheet
leverage. The bank's tangible common equity/total asset ratio declined
to 4.7% at end-2012 from 5.5% at end-2009,
and compares unfavorably against Hong Kong peers.
Stanchart (HK) is the fourth largest bank in Hong Kong in terms of total
assets and has strong market positions in retail and corporate banking.
The bank has strong deposit gathering capability due to its strong branch
network and status as one of three note-issuing banks.
Stanchart (HK) has consistently maintained sound asset quality metrics
since end-2006. The bank has generated above-peer
average risk-adjusted returns due to its low funding costs,
strong contributions from wealth management, treasury, and
trade finance businesses as well as low credit costs.
What Could Change the Rating Up/Down
The bank's current ratings are high relative to global peers and a rating
upgrade is unlikely.
The bank's deposit rating could be downgraded if parental support
diminishes. The BFSR could be downgraded if the bank maintains
its higher balance sheet leverage than peers. Deterioration in
the operating environment or an increase in economic imbalances can also
lead to a lower BFSR.
WING HANG BANK, LTD
Wing Hang Bank's deposit rating, standalone BFSR and BCA of
A2/C+/a2 reflect its good asset quality, sound capitalization
and conservative liquidity profile. Nevertheless, prevailing
low interest rates, elevated property prices, and growing
exposures to Mainland China pose risks and potential challenges for Wing
Hang Bank.
The outlooks on the bank's BFSR/BCA and deposit ratings were revised
to negative from stable reflecting risks stemming from potential asset
bubble in Hong Kong, and unfavorable operating environment for small
and medium sized enterprises in the Pearl River Delta due to rising land
and labor costs, appreciating RMB, and slow growth in export
orders.
Wing Hang Bank has maintained sound asset quality metrics, with
an impaired loan ratio of 0.45% at end-2012.
Amid steady economic integration between Hong Kong, Macau and Mainland
China, developments on the Mainland will have growing influence
on the bank's asset quality going forward. Advances for use
in Mainland China accounted for 19% of total loans outstanding
at end-2012.
The bank maintained good capitalization with Tier 1 ratio of 10.0%
at end-2012. The bank's liquidity profile also remained
conservative with a loan-to-deposit ratio of 69%.
Its average return on risk-weighted assets during 2010-2012
was 1.86% excluding large one-off gains on property
sales in 2011.
What Could Change the Rating Up/Down
Wing Hang Bank's current ratings are high relative to its size,
and are unlikely to be upgraded.
Deterioration in operating conditions or an exacerbation in economic imbalances
can trigger a rating downgrade. Any aggressive expansion that leads
to deteriorations in capitalization and asset quality, with Tier
1 ratio falling below 9.5%, or impaired loans amounting
to 1.5% of gross loans, may also lead to a rating
downgrade.
WING LUNG BANK LTD
Wing Lung Bank's BFSR and BCA of C/a3 reflects its good capital
adequacy and asset quality. These positive factors are offset by
its fast pace of expansion and growing Mainland exposures. Parental
support is highly likely in the event of need.
The one notch decline in the bank's BFSR and BCA to C/a3 and the
negative outlook on the bank's BFSR/BCA and deposit rating reflect
Moody's concerns over the bank's growing Mainland exposures,
unfavorable operating conditions for small and medium enterprises in the
Pearl River Delta, and expected deterioration in overall operating
conditions over the outlook horizon. The bank's deposit rating
remains at A2 while the BFSR was lowered by one notch, given Moody's
expectation of strong parental support.
The bank has grown its loans and assets strongly since it was acquired
by China Merchants Bank in 2009. Its total assets grew by 53%
to end-2012 from end-2009. The bank has focused on
serving the offshore banking needs of its parent's Mainland customers.
Loans to Mainland customers grew to HKD30.2 billion at end-2012
from HKD3.9 billion at end-2009, and made up 34%
of loans at end-2012.
Wing Lung Bank has maintained good asset quality metrics amid its business
expansion, and had an impaired loan ratio of 0.1%
at end-2012. Nevertheless, the bank's capitalization
has weakened as loan and asset growth outpaced internal capital generation,
with Tier 1 ratio falling to 10.0% at end-2012 from
12.0% at end-2008.
Wider margins on lending to Mainland enterprises and improved operating
efficiency led to higher profitability. The bank's three-year
average net return on average risk-weighted assets between 2010
and 2012 was 1.91%.
What Could Change the Rating Up/Down
The bank's BCA and long-term deposit rating are high and
therefore unlikely to be upgraded.
Deterioration in operating conditions or increase in economic imbalances
can trigger a rating downgrade. Further increase in the bank's
Mainland exposures may also lead to a downgrade. Any weakening
in capitalization due to strong asset growth, with its Tier 1 ratio
falling below 9.5%, or an increase in impaired loan
ratio to above 1.5% may also trigger a downgrade.
The principal methodology used in these ratings was Global Banks published
in May 2013. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.
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.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this rating action, and
whose ratings may change as a result of this rating action, the
associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
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.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
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
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 takes rating actions on nine Hong Kong banks
