Moody's changes outlook of three Chinese banks to stable

Moody's Investors Service said it has affirmed the Aa3 long-term ratings of China Development Bank, Export-Import Bank of China and Agricultural Development Bank of China and changed the outlook on the ratings to stable from positive.

The rating action follows Moody's affirmation of the Chinese government's Aa3 bond rating and the revision of its outlook to stable from positive.

The three banks' ratings and outlooks are aligned with that of the sovereign because of Moody's assessment of an extremely high level of government support for the banks and the banks' high level of dependence on the government.

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