Fitch revises view on China Merchants Bank to negative

Fitch Ratings said it revised the outlook on China Merchants Bank Co., Ltd.'s (CMB) long-term issuer default rating to negative from stable.

At the same time, Fitch affirmed the bank's long-term foreign-currency IDR at A-, the government support rating at a- and short-term IDR at F1.

The revision of the outlook follows the change in the outlook on the China's A+ sovereign rating to negative from stable on April 9, 2024, which reflects increasing risks to China's public finance outlook as the country contends with more uncertain economic prospects amid a transition away from property-reliant growth to what the government views as a more sustainable growth model, Fitch said in a news release.

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