Fitch affirms four Chinese mid-tier banks

Fitch Ratings said it affirmed the BBB long-term foreign-currency issuer default ratings of China Merchants Bank Co., Ltd., China Citic Bank Corp. Ltd., China Everbright Bank Co. Ltd. and Shanghai Pudong Development Bank.

All outlooks are stable.

The viability ratings of all four banks were also affirmed.

Fitch said all of the banks' issuer default ratings are based on state support and are at the banks' support rating floors (SRFs), reflecting the agency’s continued expectations that extraordinary support from the central government would be forthcoming in the event of stress.

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