Fitch Ratings assigned Macau-based Tai Fung Bank Ltd. long- and short-term foreign currency issuer default ratings of BBB+ and F2, respectively. The outlook is stable.
The rating agency said May 31 that it also assigned the bank a viability rating of "bbb-" and a support rating of 2.
The issuer default and support ratings reflect the agency's view that Tai Fung Bank is of limited importance to its parent, Bank of China Ltd., while the viability rating reflects the bank's larger risk appetite as evidenced by its rapid growth in the previous five years.
