Moody's ups 7 China banks to positive

Moody's Investors Service said it changed to positive from stable the outlook on the A1 long-term deposit, senior unsecured and issuer ratings for seven Chinese banks.

The seven banks are Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Agricultural Bank of China, China Development Bank, Export-Import Bank of China and Agricultural Development Bank of China.

The action follows outlook changes for China's A1 long-term government bond ratings and A1 foreign-currency bank deposit ceiling, Moody's said.

For the four state-owned commercial banks - Industrial and Commercial Bank of China, China Construction Bank, Bank of China and Agriculture Bank of China, the change in outlook reflects Moody's recognition of the strong governmental support provided to these banks because of their systemic importance.

For the three policy banks, China Development Bank, Export-Import Bank of China and Agriculture Development Bank of China, the outlook change reflects view that the banks will continue to enjoy full support from the government, Moody's said.

The outlook for the nine other Chinese banks rated by Moody's remains unchanged, including the Bank of Communications, China Merchants Bank, China Citic Bank, Shanghai Pudong Development Bank, China Everbright Bank, Guangdong Development Bank, Shenzhen Development Bank, HSBC Bank China and Hang Seng Bank China.

© 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.