Fitch Affirms Bank of Communications at 'A'

MT Newswires Live10-28

Fitch Ratings affirmed Bank of Communications' (HKG:3328, SHA:601328) long-term foreign-currency issuer default rating at 'A' with a stable outlook, and upgraded its viability rating to 'bbb-' from 'bb+', according to a Tuesday press release.

The rating agency also affirmed the bank's government support rating at 'a' and short-term issuer default rating at 'F1+'.

The viability rating upgrade reflects improvements in BOCOM's credit profile, supported by a stronger business profile, more moderate growth appetite, reduced shadow banking activities, capital replenishment and recovering profitability.

Fitch also revised its assessment of China's banking operating environment to 'bbb' from 'bbb-', citing lower shadow banking risks, greater transparency, stronger credit discipline and improvements to the regulatory framework.

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