Fitch lowers Citic Bank

Fitch Ratings said it downgraded Citic Bank International Ltd.'s long-term foreign-currency issuer default rating to BBB from BBB+ and viability rating to bbb from bbb+.

"The downgrades primarily reflect Fitch's view that CBI's increasing business linkages with its 70.3% parent, China Citic Bank, are leading to its franchise becoming aligned with that of the latter," Joyce Huang, a director at Fitch, said in a statement.

With the downgrade, CBI is now rated at the same level as China Citic, the agency said.

The outlook is stable.

Ratings also consider the bank's continued independence, particularly with regard to its risk management, and that its key financial ratios remain at adequate levels, providing buffer against an economic slowdown, the agency noted.

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