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Moody's lowers outlook on KDB Asia's ratings to negative

Moody's lowered the outlook on KDB Asia Ltd.'s long-term foreign currency bank deposit and certificate of deposit ratings to negative from stable.

The rating agency said Sept. 17 that it also affirmed KDB Asia's long-term local currency and foreign currency bank deposit ratings, as well as its long-term foreign currency certificate of deposit rating at Aa2. The outlook on the company's long-term local currency bank deposit rating remains stable.

The lowered outlook on KDB Asia's ratings followed the rating agency's recent move to lower the rating outlook on Hong Kong's government to negative from stable, the rating agency said. It added that the outlook revision stems from the possible lowering of Hong Kong's foreign currency deposit ceiling if the city's government's rating is downgraded to Aa3 from Aa2.

The outlook on KDB Asia's ratings could be raised to stable if the Hong Kong government's rating outlook is raised to stable.

KDB Asia is a unit of Korea Development Bank.