Fitch rates Bank of Communications A-

Fitch Ratings said it assigned new ratings to Bank of Communications, including a long-term foreign-currency issuer default rating of A- with a stable outlook and short-term foreign-currency issuer default rating of F2. Its individual rating is affirmed at D, along with its support rating at 1 and support rating floor at A-.

The agency also said it affirmed Shanghai Pudong Development Bank's individual rating of D and support rating of 3.

Bank of Communications' ratings are driven by Fitch's high expectations of state support in the event of stress, Fitch said. Its ratings also reflect its standing as one of the stronger banks in China, the agency said, as well as its improved credit profile post-restructuring/

Ongoing rapid growth, the agency said, and implications on asset quality and capital are of concern.

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