Fitch affirms five Chinese banks

Fitch Ratings said it affirmed the long-term foreign-currency issuer default ratings of China's five large state-owned commercial banks at A with stable outlooks.

The short-term issuer default ratings were affirmed at F1.

The five banks are Agricultural Bank of China Ltd., Bank of China Ltd., Bank of Communications Co., Ltd., China Construction Bank Corp. and Industrial and Commercial Bank of China Ltd.

“The long-term issuer default ratings of all five banks are based on state support and are at the banks' support rating floors, reflecting an extremely high probability of extraordinary support from the central government in the event of stress,” the agency said in a news release.

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