Economic Trend News
- State banks achieve higher credit ratings
Date: 26-Nov-2007 Sources: (Shenzhen Daily)
STANDARD & Poor's had upgraded its ratings on four State-owned Chinese banks on their enhanced credit profiles, the rating agency said Friday.
Standard & Poor's Ratings Services said it had raised its local and foreign currency long-term counterparty credit ratings on Bank of China to A- from BBB+, with a stable outlook. China Construction Bank (CCB) and Industrial & Commercial Bank of China (ICBC) also got upgraded ratings on the long-term counterparty credit rating of foreign currency to A- from BBB+, the rating firm said. CCB's outlook is stable while ICBC's outlook is positive. Shanghai-based Bank of Communications, the fifth biggest bank in China, got an outlook rating from stable to positive.
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