Fitch Ratings has assigned a final rating of 'BBB' to
The notes are listed on the
Key Rating Drivers
CEB Hong Kong Branch is part of the same legal entity as CEB. Therefore, the notes to be issued under the MTN programme will represent CEB's direct, unconditional, unsecured and unsubordinated obligations and are rated in line with its Long-Term Issuer Default Rating (IDR), which is underpinned by Fitch's expectations of a high probability of support from the Chinese sovereign (A+/Stable) in the event of stress.
CEB Hong Kong Branch was established in 2013 and is a fully licensed bank in
Rating Sensitivities
Factors that could, individually or collectively, lead to negative rating action/downgrade:
The rating of the notes would be downgraded if CEB's IDR is downgraded.
Factors that could, individually or collectively, lead to positive rating action/upgrade:
The rating of the notes would be upgraded if CEB's IDR is upgraded.
Best/Worst Case Rating Scenario
International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from '
Date of Relevant Committee
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
Public Ratings with Credit Linkage to other ratings
The rating of the notes is directly linked with CEB's IDR.
ESG CONSIDERATIONS
CEB has an ESG Relevance Score of '4' for Financial Transparency, as there are structural issues around financial transparency and disclosure. These are not captured in headline performance metrics in
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg.
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