Moody's ups seven Chinese banks

Moody's Investors Service said it upgraded the long-term deposit and debt ratings to A1 from A2 for seven Chinese banks. The action follows Moody's earlier decision to upgrade both China's long-term foreign-currency sovereign rating and the ceiling for foreign-currency bank deposit rating from A2 to A1.

The state-controlled commercial banks upgraded include:

Industrial and Commercial Bank of China's long-term foreign-currency bank deposit rating to A1 from A2

Bank of China's long-term foreign-currency bank deposit rating to A1 from A2

China Construction Bank's long-term foreign-currency bank deposit rating to A1 from A2

Agricultural Bank of China's long-term foreign-currency bank deposit rating to A1 from A2

The policy banks upgraded include:

China Development Bank's long-term foreign-currency senior debt rating to A1 from A2

Export-Import Bank of China's long-term foreign-currency senior debt rating to A1 from A2

Foreign bank subsidiary, HSBC Bank (China) Co.'s long-term foreign- and domestic-currency bank deposit ratings were upgraded to A1 from A2.

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