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Fitch Upgrades China CITIC Bank's Long-Term IDR to 'A-' With Stable Outlook
Recommend 4 Positive 3 Negative 1 |
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Fitch Ratings upgraded China CITIC Bank's Long-Term Foreign-Currency Issuer Default Rating (IDR) from "BBB+" to "A-", with a Stable Outlook. The bank's Government Support Rating was also upgraded from "bbb+" to "a-", and the Short-Term IDR was affirmed at "F1". According to Fitch, the upgrade of the Long-Term IDR reflected China CITIC Bank's clearer role in supporting its ultimate parent, CITIC Group Corporation, in fulfilling policy functions and assisting the central government in advancing key economic initiatives. These factors underpinned a strengthening in Fitch's view of the central government's willingness to provide extraordinary support to China CITIC Bank if necessary. This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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