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Moody's may up China banks
Moody's Investors Service said it put on review for upgrade the long-term ratings of various policy banks and state-controlled commercial banks in China, as well as the deposit ratings of the subsidiary of one foreign bank.
The action follows Moody's decision to place on review for upgrade China's A2 long-term foreign-currency sovereign rating and the A2 ceiling for foreign-currency bank deposit ratings. Bank financial strength ratings, which range from E to D and reflect stand-alone credit quality, remain unchanged.
Although the government has recently initiated reforms to commercialize the policy banks, state ownership in these entities is likely to remain very high and they will likely be fully supported, the agency said.
Ratings on review for upgrade include China Development Bank's long-term foreign-currency senior debt rating of A2, Export-Import Bank of China's long-term foreign-currency senior debt rating of A2, Industrial and Commercial Bank of China's long-term foreign-currency bank deposit rating of A2, Bank of China's long-term foreign-currency bank deposit rating of A2, China Construction Bank's long-term foreign-currency bank deposit rating of A2, Agricultural Bank of China's long-term foreign-currency bank deposit rating of A2 and HSBC Bank Co.'s long-term foreign- and domestic-currency bank deposit ratings of A2.
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