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11 Nov 2010
Hong Kong, November 11, 2010 -- Moody's Investors Service has upgraded the long-term foreign currency
deposit ratings of The Hongkong and Shanghai Banking Corporation Limited
("HKBK") and Hang Seng Bank Limited ("HSB") to Aa1 from Aa2. The
outlooks have been revised to stable.
Moody's has also upgraded the long-term foreign and local currency
senior unsecured debt and issuer ratings of the Hong Kong Mortgage Corporation
Limited ("HKMC") to Aa1 from Aa2 and assigned a positive outlook to the
"The upgrades follow Moody's sovereign risk group's decision to
upgrade Hong Kong's foreign currency bank deposit ceiling and long-term
foreign and local currency government bond ratings to Aa1 from Aa2 and
assign a positive outlook to the ratings" says Patrick Winsbury,
a Moody's Senior Vice President. See Moody's press release "Rating
Action: Moody's Upgrades Hong Kong's Ratings to Aa1, Assigns
Positive Outlook" issued on November 10, 2010 for details.
"Following the upgrade, HKBK's and HSB's long-term
foreign currency deposit ratings of Aa1, with a stable outlook,
are now aligned with their local currency ratings. The foreign
currency ratings had previously been constrained by Hong Kong's foreign
currency bank deposit ceiling," adds Winsbury.
"The upgrade of Hong Kong's government bond ratings implies a greater
capacity for the Hong Kong government to extend support to HKMC and has
led to the upgrade of HKMC's long-term foreign and local currency
senior unsecured debt and issuer ratings," says Sonny Hsu,
a Moody's Vice President and Senior Analyst.
Moody's other ratings on HKBK and HSB, and the short-term
ratings on HKMC remain unchanged.
Moody's last rating action on HKBK was taken on February 10, 2010,
when its junior subordinated debt ratings were downgraded to Aa3 from
The last rating action on HSB was taken on July 26, 2007 when its
long-term foreign currency deposit rating was upgraded to Aa2 from
The last rating action on HKMC was taken on September 16, 2009 when
its long-term foreign and local currency senior unsecured debt
and issuer ratings were downgraded to Aa2.
The principal methodologies used in rating HKBK and HSB were "Bank Financial
Strength Ratings: Global Methodology" published in February 2007
and "Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology" published in March 2007.
The principal methodology used in rating HKMC was "Government-Related
Issuers: Methodology Update" published in July 2010.
HKBK, headquartered in Hong Kong, is the largest bank in Hong
Kong with total assets of HK$4,634.8 billion (approximately
US$595.1 billion) as of end-June 2010.
HSB, headquartered in Hong Kong, reported total assets of
HK$871.1 billion (approximately US$111.8 billion)
as of end-June 2010.
HKMC, headquartered in Hong Kong, reported total assets of
HK$ 54.0 billion (approximately US$6.9 billion)
as of end-June 2010.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, parties not involved in the ratings,
and confidential and proprietary Moody's Investors Service information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of maintaining
a credit rating.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077
Senior Vice President
Financial Institutions Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100
Moody's Investors Service Hong Kong Ltd.
Moody's upgrades Hongkong Bank, Hang Seng Bank & HKMC
24/F One Pacific Place
China (Hong Kong S.A.R.)
No Related Data.
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