Fitch affirms Export-Import Bank of China

Fitch Ratings said it affirmed Export-Import Bank of China's long-term issuer default rating at A+, short-term issuer default rating at F1 and senior unsecured rating at A+.

The outlook is stable.

The ratings, which are in line with that of the Chinese sovereign, are exclusively based on the very high expectations of government support in the event of stress, Fitch said.

As a state-owned policy bank, it holds quasi-sovereign status and plays an important role in promoting domestic and international trade, the agency said.

The bank's standalone financial profile is weak, Fitch said, and is compromised by its ongoing focus on policy at the expense of its performance.

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