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Moody’s changes Chiyu view to negative
Moody’s Investors Service said it revised its outlook for Chiyu Banking Corp. Ltd. to negative from stable and affirmed its Baa1 ratings.
“The change in outlook to negative from stable reflects the downward pressure on Chiyu's credit profile, stemming from the bank's exposure to mainland China property sector, which may continue to constrain the bank's asset quality and profitability,” the agency said in a press release.
Moody’s added, “Moody's expects elevated asset risk from the bank's exposure to mainland China, especially to mainland property developers who continue to face stress from muted property sales. Key driver of the bank's impaired loan ratio increasing to 1.4% as of the end of 2022 from 0.8% as of the end of 2021 was mostly due to loans related to the mainland property sector.”
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