S&P lifts Bank of China ratings

Standard & Poor's said it raised its long-term foreign currency counterparty credit ratings on Bank of China and China Construction Bank to BBB- from BB+ and its short-term foreign currency counterparty credit rating on China Construction Bank to A-3 from B.

At the same time, an A-3 short-term foreign currency counterparty credit rating was assigned to Bank of China.

S&P raised its issue rating on $100 million in bonds due 2014 issued by Bank of China to BBB- from BB+.

The outlook on the long-term ratings on both banks is stable.

At the same time, S&P said it affirmed its BB+ long-term and B short-term foreign currency counterparty credit ratings on Industrial and Commercial Bank of China and revised the outlook on the long-term foreign currency counterparty credit rating on the bank to positive from stable.

S&P said the rating actions on Bank of China and China Construction Bank reflect recent government support in the form of capital injections, and problem loan sales, as well as reform initiatives by the two banks themselves that have led to considerable improvements in their respective financial profiles.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.