Moody’s ups China Everbright

Moody's Investors Service said it upgraded China Everbright Bank Co. Ltd.’s foreign currency long-term/short-term deposit ratings to Baa2/P-2 from Baa3/P-3.

The upgrade was prompted by the increase in China Everbright Bank's standalone bank financial strength rating/baseline credit assessment to D/ba2 from D-/ba3.

The outlooks are stable.

Moody’s said the upward revision of the baseline credit assessment reflects the bank’s improved capitalization and robust financial performance over the past few years, amid moderating domestic economic growth and gradual deposit rate liberalization.

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