Fitch ups China's largest banks

Fitch Ratings said it upgraded China's "Big Four" state-owned commercial banks and its largest policy bank following the upgrade of the China sovereign's long-term foreign currency rating to A (outlook stable) from A-.

The rating actions taken on the banks are as follows:

* China Development Bank's long-term foreign currency rating was upgraded to A from A- and the short-term foreign currency rating to F1 from F2; the support rating was affirmed at 1; and all the senior debt issues by the bank have been similarly upgraded to A from A-;

* Agricultural Bank of China's support rating was upgraded to 1 and its individual rating was affirmed at E;

* Bank of China's long-term foreign currency rating was upgraded to A- and short-term foreign currency rating was affirmed at F2, the individual rating was affirmed at D/E, and the support rating was upgraded to 1;

* China Construction Bank's individual rating was affirmed at D/E and the support rating was upgraded to 1;

* Industrial and Commercial Bank of China's long-term foreign currency rating was upgraded to A-, the individual rating was affirmed at D/E and the support rating was upgraded to 1.

The outlook for all the ratings is stable.

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