Moody's raises Shanghai Commercial Bank

Moody's Investors Service said it upgraded Shanghai Commercial Bank's (SCB) bank financial strength rating to C+ from C.

All of the bank's deposit ratings have also been accordingly upgraded, the agency said, noting SCB's long- and short-term foreign currency deposit ratings have been upgraded to A2/P-1 from A3/P-2.

Moody's said it also assigned long- and short-term local currency deposit ratings of A2/P-1.

The outlook is stable.

The agency said the upgrades reflect SCB's demonstrated ability to weather the volatilities of the Hong Kong market, its healthy financials and its niches in small and medium enterprise and trade finance.

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