Bank of East Asia (BEA) chairman and chief executive David Li Kwok-po yesterday described as unwarranted the decision by Moody's Investors Service to downgrade ratings for the bank, claiming the move overlooked several key factors. Moody's said on Thursday it was downgrading its ratings for BEA and Wing Hang Bank. It said the move reflected BEA's 'above average' risk profile. Mr Li said: 'We feel that this regrading is unwarranted because it ignores two essential facts. First our mainland China loans are actually more profitable than our Hong Kong ones. Second our China strategy is historically long term.'