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S&P ups 4 China banks
Standard & Poor's said it raised the long-term credit ratings on four financial institutions in China.
China Development Bank's issuer credit rating was upgraded to AA- and A-1+, from A+ and A-1+ with a stable view.
Export-Import Bank of China's issuer credit rating was upgraded to AA- and A-1+ from A+ and A-1+ with a stable outlook.
Agricultural Development Bank of China's issuer credit rating was upgraded to AA- and A-1+ from A+ and A-1+ with a stable outlook.
China Export & Credit Insurance Corp.'s issuer credit rating was raised to AA- and A-1+ from A+ and A-1+ with a stable view.
The upgrades follow the upgrade of the sovereign credit ratings on the People's Republic of China, the agency said.
The issuer credit ratings are equalized with the sovereign credit rating on to reflect S&P expectation of support for the entities from the Chinese central government, arising from the critical importance of their roles and integral link with the government.
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