Fitch Ratings affirmed Agricultural Bank of China (HKG:1288, SHA:601288) long-term foreign-currency issuer default rating at 'A' with a stable outlook, and upgraded its viability rating to 'bbb+' from 'bbb', according to a Tuesday press release.
The rating agency also affirmed the bank's short-term issuer default rating at 'F1+' and Government Support Rating at 'a'.
The viability rating upgrade reflects AgBank's strong business profile, including its extensive presence in county areas and stable, low-cost deposit base, as well as continued improvements in China's banking operating environment.
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