International Bank of Asia 800 mln hkd FRCD rated BBB/outlook stable: S&P

HONG KONG (AFX-ASIA) - Standard & Poor's said it has assigned a 'BBB' rating to International Bank of Asia's (IBA) proposed 800 mln hkd three-year negotiable floating-rate certificate of deposit program.

	    In a statement, it said the outlook on the long-term ratings remains stable.

	    The rating agency also said it has affirmed its 'BBB' long-term and 'A-3' short-term local and foreign currency counter-party credit ratings on IBA, as well as its 'BBB' rating on IBA's outstanding CDs.

	    The ratings on IBA reflect the bank's recovering performance and asset quality, it said.

	    The stable outlook reflects S&P's view that the bank has the capacity to compete in a liberalised interest-rate environment in Hong Kong, it added.

	    IBA closed the morning down 0.05 hkd at 2.175.

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