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Fitch Affirms, Withdraws Hang Seng Bank Ratings

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Fitch Ratings affirmed Hang Seng Bank's long-term and short-term issuer default ratings at "AA" and "F1+", respectively, before withdrawing all of the bank's ratings, according to a Thursday ratings commentary.

Fitch also affirmed the bank's viability rating at "a+" and government support rating at "ns". The outlook on the long-term IDR was Stable at the time of withdrawal.

Fitch said the ratings reflected Hang Seng Bank's key role within HSBC (HKG:0005), with high integration in business, strategy, risk management, capital, and funding.

The ratings were withdrawn for commercial reasons, Fitch said.

What else is happening in Asia?

Asia

Beijing Compass Technology Development Seeks Up to 500 Million Yuan in Bank Credit Lines

The board of Beijing Compass Technology Development (SHE:300803) approved applications for comprehensive credit lines from three banks to fund working capital loans and related business needs, according to a Wednesday aftermarket filing with the Shenzhen bourse.The company will seek up to 250 million yuan from Agricultural Bank of China with a one-year term, up to 150 million yuan from Xiamen International Bank with a three-year term, and up to 100 million yuan from Industrial Bank with a one-year term.Shares of the investment software developer were down 2% in recent trade.

SHE:300803
Asia

Liquidators Issue Final Notice to Creditors for ST Group Units' Dissolution

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SGX:DRX
Asia

South Korean President, Trump Discuss Warships Construction

South Korean President Lee Jae Myung and U.S. President Donald Trump met on Tuesday on the sidelines of the UN General Assembly to discuss defense and industrial collaboration, including naval shipbuilding.Lee said he expects tangible results from the bilateral partnership, highlighting South Korea's growth strategy in semiconductors, artificial intelligence, and the "7 SEED" initiative targeting small modular reactors, nuclear fusion, and renewables, according to a press release from the South Korean president's office on Wednesday.

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