Fitch ups Guangdong Development Bank to D/E

Fitch Ratings said it upgraded the individual rating of Guangdong Development Bank to D/E from E, citing positive progress in internal reform and noteworthy improvements in asset quality and capitalization. The bank's support rating is affirmed at 4.

The bank has made a number of positive strides in restructuring and reform since the introduction of a consortium of investors in 2006, Fitch said.

Citigroup does not wield full and independent management control of the bank, the agency said, and has appointed a minority of five out of 17 board seats.

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