Chong Hing Bank Limited -- Moody's places Chong Hing Bank's ratings on review for downgrade

Hong Kong, October 29, 2013 -- Moody's has today placed Chong Hing Bank's Baa2 long-term deposit ratings on review for downgrade. The C- standalone bank financial strength rating (BFSR), mapping to a baseline credit assessment (BCA) of baa2, is also placed on review. The bank's Baa3 subordinated debt rating is also placed on review for downgrade, while the P-2 short-term deposit rating remains unchanged. The rating action follows the joint announcement by the bank, its majority shareholder Liu Chong Hing Investment Limited, and Yue Xiu Enterprises (Holdings) Limited (Yuexiu) that Yuexiu is making a voluntary conditional partial offer to acquire a maximum 75% ownership in Chong Hing Bank. The transaction is subject to approval by the Hong Kong Monetary Authority. The bank will continue to operate under the supervision of the Hong Kong Monetary Authority in the event the transaction goes through.

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