HONG KONG (Standard&Poor's) Nov. 24, 2005--Standard&Poor's Ratings Services said today that it had assigned its 'BBB' issue credit rating to proposed 10-year subordinated notes issued by Bank of East Asia Ltd. (BBB+/Stable/A-2). The issue will mature in 2015. It is callable in 2010, with a one-time interest rate step-up feature if not redeemed. The rating is one notch below the level of the long-term counterparty credit rating on the bank, reflecting the subordinate status of the notes. The issue of the notes will help maintain an efficient capital structure for the group. The net proceeds will be used for the general funding purposes of the group.
