The European credit rating agency IBCA has awarded its first rating to Bank of East Asia, the territory's third largest bank, which is due to release its results next week.

It gave the bank an individual rating of B, the third highest, awarded on the premise that it is entirely independent and unable to rely on support from state authorities or its owners.

IBCA said the bank's legal rating would remain unchanged at 4, which measures the likelihood of support from owners or government authorities if it ran into difficulties. Earlier this month the bank sold convertible bonds worth US$250 million.