S&P ups three Chinese banks

Standard & Poor’s said it raised its local and foreign currency long-term counterparty credit ratings on Bank of China Ltd. to A- from BBB+.

S&P said it raised its local and foreign currency senior unsecured issue ratings on Bank of China to A- from BBB+ while the A-2 local and foreign currency short-term ratings on the bank were affirmed.

The outlook is stable.

The agency said it also raised its foreign currency long-term counterparty credit rating on China Construction Bank Corp. to A- from BBB+ and affirmed the A-2 foreign currency short-term rating on the bank. The outlook is stable.

According S&P, the foreign currency long-term counterparty credit rating on Industrial and Commercial Bank of China Ltd. was also upped to A- from BBB+ while the A-2 foreign currency short-term rating on the bank was affirmed. The outlook is positive.

The agency said that it revised the outlook on its BBB long-term foreign currency counterparty credit rating on Bank of Communications Co. Ltd. to positive from stable. At the same time, it affirmed the BBB rating.

The bank fundamental strength ratings on the four banks were affirmed at C, the agency noted.

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