Fitch Ratings upgraded the short-term issuer default rating of OCBC Wing Hang Bank Ltd. (Macau) to F1+ from F1 and affirmed its long-term issuer default rating at A+, with a stable outlook.
The rating agency said May 24 that it also affirmed the long- and short-term issuer default ratings of Industrial & Commercial Bank of China (Macau) Ltd. at A and F1, respectively, with a stable outlook.
The support ratings of both banks were also affirmed at 1.
The upgrade of OCBC Wing Hang Bank (Macau)'s ratings reflects Fitch's reassessment of the bank's capacity to meet its short-term debt obligations based on the strong funding and liquidity profiles of the lender and its parent company Oversea-Chinese Banking Corp. Ltd. It also reflects Fitch's view of ordinary support from OCBC.
Meanwhile, ICBC (Macau)'s issuer default rating reflects an extremely high probability of support from its parent, Industrial & Commercial Bank of China Ltd., if needed, the rating agency said.
The stable outlooks on both lenders reflect the stable outlooks on their respective ultimate parents, Fitch added.
