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Moody's downgrades KDB Asia

Moody's on Jan. 21 said it lowered Hong Kong-based KDB Asia Ltd.'s long-term foreign currency bank deposit rating to Aa3 from Aa2 and revised its outlook to stable from negative.

The rating agency also revised the issuer outlook on KDB Asia to stable from stable(m).

The ratings action came after Moody's downgraded Hong Kong government's ratings, noting the city's institutions and governance have become weaker than previously estimated as pro-democracy protests remain unresolved. KDB Asia's ratings are constrained by Hong Kong's long-term foreign currency deposit ceiling and are positioned at the same level as Hong Kong's long-term issuer rating.