Fitch ups China banks

Fitch Ratings said it upgraded the long-term foreign-currency issuer default ratings of two Chinese policy banks and three of the country's largest commercial banks. The agency also said it affirmed the banks' other ratings.

This follows the upgrade of the long-term foreign- and local-currency issuer default ratings of the People's Republic of China to A+ and AA- from A and A+ respectively.

The banks affected include China Development Bank, which had its long-term foreign-currency issuer default rating upgraded to A+ from A and its outlook revised to stable from positive. Its short-term issuer default rating was affirmed at F1 and support rating at 1. Its support rating floor was revised to A+ from A;

The Export-Import Bank of China's long-term foreign-currency issuer default was rating upgraded to A+ from A and its outlook was revised to stable from positive. Its short-term issuer default rating was affirmed at F1 and support rating at 1. Its support rating floor was revised to A+ from A;

China Construction Bank's long-term foreign-currency issuer default rating was upgraded to A from A- and its outlook was revised to stable from positive. Its short-term issuer default rating was upgraded to F1 from F2, individual rating was affirmed at D and its support rating at 1.The bank's support rating floor was revised to A from A-;

Bank of China's long-term foreign-currency issuer default rating was upgraded to A from A- and its outlook was revised to stable from positive. Its short-term issuer default rating upgraded to F1 from F2, individual rating was affirmed at D and support rating at 1. The bank's support rating floor was revised to A from A-.

Industrial & Commercial Bank of China's long-term foreign-currency issuer default rating was upgraded to A from A- and its outlook was revised to stable from positive. Its individual rating was affirmed at D, support rating at 1 and its support rating floor was revised to A from A-.

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