Fitch affirms China Development, Export-Import banks

Fitch Ratings said it affirmed China Development Bank's long-term foreign-currency issuer default rating at A+ and short-term foreign-currency issuer default rating at F1.

Its outlook is stable.

The agency also said it affirmed Export-Import Bank of China's long-term foreign-currency issuer default rating at A+ and short-term foreign-currency issuer default rating at F1.

Its outlook also is stable.

The ratings, which are equivalent to that of the Chinese sovereign, reflect the banks' quasi-sovereign status as fully state-owned policy banks and the perceived strong willingness and ability of the central government to support the banks, Fitch said.

The ratings will move in tandem with any changes in the sovereign rating, the agency said.

Accounting and disclosure at the banks generally remain weak, Fitch added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.