S&P ups China Merchants Bank

S&P said it raised the long-term issuer credit rating on China Merchants Bank Co. Ltd. (CMB) and its subsidiaries to A- from BBB+ and affirmed the short-term issuer credit rating on these entities at A-2.

The outlook is stable.

S&P said the liquidity of China Merchants Bank has strengthened in recent years, underpinned by the bank’s renewed focus on wealth management. CMB's liquidity metrics now compare favorably with those of China's “Big Four” state-owned banks. Steady customer deposit growth helped the bank reduce its reliance on short-term wholesale funding.

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