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Article: CHINA: MOODY'S AFFIRMS CHINA MERCHANTS BANK RATINGS ON ACQUISITION OF WLB.
- Article from:
- IPR Strategic Business Information Database
- Article date:
- June 3, 2008
CopyrightCOPYRIGHT 2008 Info-Prod (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Moody's Investors Service has affirmed China Merchants Bank's ("CMB") Baa3/P-3 long-term/short-term foreign currency deposit ratings and D+ bank financial strength rating ("BFSR"). The affirmation follows CMB's planned purchase of Wing Lung Bank ("WLB", C+/A2). The ratings' outlook remains stable. "The affirmation of CMB's ratings reflects the small scale of the transaction, the healthy condition of WLB, and CMB's strong earnings. We expect CMB management to use its net income to restore CMB's capital level after the acquisition," says Leo Wah, a Moody's VP/Senior Analyst. "The affirmation also incorporates Moody's expectation that CMB will continue to perform ...
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