Fitch to withdraw rating on Tai Fung Bank mid-October

Rating agency Fitch announced yesterday that it would withdraw its rating on locally based Tai Fung Bank on or around October 14. It said the withdrawal was ‘for commercial reasons,’ without further elaborating. The agency currently rates Tai Fung Bank’s long-term Issuer Default Rating (IDR) at ‘BBB+,’ which refers to the bank’s stable outlook. The rating was from the agency’s last action on June 21. Tai Fung Bank, which only operates in the Special Administrative Region, saw its profits-after-tax increase 37 per cent year-on-year to MOP1.06 billion (US$132.5 million) for last year, according to its 2015 fiscal report.