Fitch affirms Bank of Communications

Fitch Ratings said it affirmed Bank of Communications Co. Ltd.'s foreign-currency long-term issuer default rating at A- and short-term issuer default rating at F2.

The outlook is stable.

The bank's long-term issuer default rating is two notches below China's sovereign rating and is driven by high expectations of state support in the event of stress, Fitch said.

The ratings also reflect its improved credit profile post-restructuring, the agency said. Heightened concerns about asset quality and capital erosion weigh negatively on the rating, Fitch added.

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