S&P affirms Bank of Communications

S&P said it affirmed its A- long-term and A-2 short-term issuer credit ratings on Bank of Communications Co. Ltd., Bank of Communications Financial Leasing Co. Ltd. and Bocom Leasing Management Hong Kong Co. Ltd.

The outlooks are stable.

The agency also affirmed the A- long-term and A-2 short-term issue ratings on the debt that these entities issued or guaranteed.

“We affirmed the ratings on BoCom because we expect the bank to maintain its well-entrenched market position in China supported by its vast banking network, diversified product mix and adequate capitalization and risk position over the next 12-24 months,” the agency said in a news release.

“We continue to believe that BoCom's policy role is in line with that of the big four banks in China and that the bank has a very high likelihood of receiving extraordinary support from the Chinese government if needed.”

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