Fitch affirms Bank of China

Fitch Ratings said it affirmed Bank of China's long-term issuer default rating at A and short-term issuer default rating at F1.

The outlook is stable.

The bank's ratings are one-notch below China's sovereign and driven by high expectations of state support in the event of stress. The ratings also reflect its significantly strengthened credit profile post-restructuring, improved risk management, and valuable franchise, Fitch said.

But the bank still faces a number of challenges in improving the oversight of credit and market risks, which could become increasingly difficult amid the weakening global and domestic economic environment, the agency said.

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