Fitch ups Industrial Bank to D, affirms Bank of China

Fitch Ratings said it upgraded the individual rating of Industrial Bank Co., Ltd. to D from D/E and affirmed the ratings of Bank of China.

Industrial Bank's ratings include its individual rating of D and support rating of 3.

Bank of China's ratings include a long-term foreign-currency issuer default rating of A with a stable outlook, short-term foreign-currency issuer default rating of F1, individual rating of D, support rating of 1 and support rating floor of A.

The upgrade of Industrial Bank's rating reflects its improved capitalization post its initial public offering, Fitch said, as well as its strong reserve coverage and enhanced risk management.

However, the potential for asset deterioration and capital erosion remains a concern, the agency said.

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