Fitch affirms Citic Bank

Fitch Ratings said it affirmed Citic Bank International Ltd.'s long-term issuer default rating at BBB+, short-term issuer default rating at F2, senior unsecured debts at BBB+, subordinated debts at BBB, lower tier 2 subordinated debts at BBB and perpetual subordinated debts at BBB-.

The ratings reflect its sound balance sheet strength, adequate profitability and liquidity, as well as its expanding franchise, Fitch said.

Even though the bank's pace of loan growth, particularly in mainland China, could give rise to greater concerns if such a pace was to be sustained, Fitch said it does not anticipate any material change in its financial profile over the near term.

The perpetual subordinated notes are rated two-notches below the bank's long-term issuer default rating, reflecting its status within the capital structure and the bank's option to defer coupon payments, the agency added.

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