Fitch: Upgrades BOC HONG KONG (02388) Long-Term Issuer Default Rating from "A" to "A+"

Credit rating agency Fitch Ratings has upgraded BOC HONG KONG's long-term issuer default rating from "A" to "A+", with a stable outlook. At the same time, Fitch confirmed BOC HONG KONG's viability rating and shareholder support rating as "a". Fitch believes that BOC HONG KONG is an important subsidiary of its parent company Bank Of China (03988) (A/negative), and that external senior creditors can benefit from the disposal funds issued by BOC HONG KONG to the Bank of China, leading to the upgrade of BOC HONG KONG's long-term issuer default rating. In early 2024, according to a statement released by the resolution agency, the loss-absorbing capacity requirements for locally systemically important banks in Hong Kong (including BOC HONG KONG) have been fully implemented.