S&P ups Farmers Bank of China

Standard & Poor's said it raised its long-term counterparty credit rating on Farmers Bank of China to BB+ from BB.

The short-term credit rating remains at B and the outlook is stable. S&P said it also assigned its D+ bank fundamental strength rating to the bank.

The action reflects an improvement in the financial profile of the bank, although it remains weak compared with its peers, S&P said.

The ratings on Farmers Bank continue to reflect a degree of government support as a result of its policy role in Taiwan's agriculture industry, the agency noted.

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