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Moody's assigns ratings to CMB International Capital

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Moody's assigns ratings to CMB International Capital

Moody's assigned Hong Kong-based CMB International Capital Corp. Ltd. Baa1 long-term and Prime-2 short-term issuer ratings, with a stable outlook.

The ratings reflect the company's standalone assessment of Ba1 and Moody's assumption of a very high level of support from its parent, China Merchants Bank Co. Ltd., as well the Chinese government through its parent in times of stress, the rating agency said July 3. The standalone assessment reflects CMB International Capital's strong profitability and high proportion of revenue generated from fee income that is less volatile than other sources of income and low leverage.

The credit strengths are offset by risks from the company's rapid asset growth, short operating track record and expansion in the structured finance business, Moody's said.