Fitch Ratings: Confirms Da Feng Bank's "BBB+" long-term issuer rating outlook as "stable"

On December 23, Fitch Ratings downgraded the viability rating (VR) of Tai Fung Bank Limited, headquartered in the Macau Special Administrative Region, from "bb+" to "bb," while affirming its long-term issuer default rating (IDR) at "BBB+" with a stable outlook, consistent with the long-term issuer default rating outlook of its parent company, Bank of China Limited ("Bank of China" 03988.HKA/stable/bbb). Additionally, Fitch also affirmed Tai Fung Bank's shareholder support rating (SSR) at "bbb+" and short-term issuer default rating (IDR) at "F1."