S&P rates Bank of Nanjing BBB-

Standard & Poor's said it assigned a BBB-/A-3 counterparty credit rating to Bank of Nanjing Co. Ltd., along with a cnA-/cnA-2 Greater China scale rating.

The outlook on the long-term rating is stable.

The ratings reflect the bank's strong capitalization, adequate and resilient profitability across economic cycles, S&P said, and the potential benefits from its strategic cooperation with BNP Paribas.

The bank's limited geographic diversification, small market share and the latent credit risk associated with its rapidly growing and unseasoned loan book in China's moderately high-risk banking industry temper these strengths, the agency said.

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