HONG KONG (Standard&Poor's) Oct. 28, 2008--Standard&Poor's Ratings Services today kept its 'A-' long-term and 'A-2' short-term counterparty credit ratings on The Bank of East Asia, Limited (BEA) and The Bank of East Asia (China) Limited on CreditWatch with negative implications, after the bank's profit warning stemming from realized losses upon disposal of its entire portfolio of collateralized debt obligations (CDOs). At the same time, the issue ratings on BEA's rated debts also remain on CreditWatch with negative implications. The ratings were placed on CreditWatch with negative implications on Sept. 18, 2008, after the bank's announcement that it had uncovered an unauthorized manipulation of the valuation of some equity derivatives and, hence, had to revise its results
