Fitch affirms China Bills

Fitch Ratings said it affirmed China Bills Finance Corp.'s long-term foreign-currency issuer default rating at BBB, national long-term rating at A+(twn), short-term foreign-currency rating at F3, national short-term rating at F1(twn), individual rating at C and support rating at 4.

The outlook remains stable.

The ratings reflect the company's adequate capitalization and satisfactory liquidity. Its profitability and asset quality were negatively impacted by a major corporate default by the Rebar Group in January 2007, Fitch said. However, through aggressive write-off and reserving, the agency said China Bills has managed to reduce its non-performing loans ratio and substantially improve its credit loss reserve.

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