S&P ups Export-Import Bank of China

Standard & Poor's said it raised its ratings on Export-Import Bank of China (China EXIM) to A-/A-1 from BBB+/A-2. The outlook is positive.

S&P said the upgrade on China EXIM reflects the expectations of close support from the sovereign (A-/positive/A-1) and the better-defined policy role for China EXIM.

Based upon discussions with the government and regulators, S&P said it is satisfied that China EXIM should remain a key development and public policy institution.

The ratings on China EXIM reflect the strong support from the Chinese government, its sole owner and the bank's policy role in promoting export financing and also China EXIM's key role as the country's conduit for foreign official funding for projects within China and for Chinese government concessional lending to other countries, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.