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Last updated at: (Beijing Time) Monday, September 22, 2003

Moody's review puts Chinese banks for possible upgrade

Moody's Investors Service, the international financial institute, said on Monday it placed the foreign currency ratings of China's policy banks and state-owned commercial banks on review for possible upgrade.


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Moody's Investors Service, the international financial institute, said on Monday it placed the foreign currency ratings of China's policy banks and state-owned commercial banks on review for possible upgrade.

This action follows Moody's review for possible upgrade of China's A3 foreign currency debt and Baa1 bank deposit ratings, it said.

The banks' financial strength ratings, which range from E to D and reflect their stand-alone credit quality, remained unaffected. The ratings of these banks track the sovereign ratings in light of the strong anticipated government support due either to their government ownership, important policy roles, and or their large size, said Moody's.

According to Moody's, its ratings affected are as follows: in the policy bank sector, China Development Bank is Baa1 long-term senior debt rating on review for possible upgrade; Export-Import Bank of China is Baa1 long-term senior debt rating on review for possible upgrade.

As to state-owned commercial banks, Industrial and Commercial Bank of China is Baa1 long-term foreign currency bank deposit and prime-2 short-term foreign currency deposit on review for possible upgrade; Bank of China is Baa1 long-term foreign currency senior debt and bank deposit and prime-2 short-term foreign currency deposit on review for possible upgrade; Bank of China (Hong Kong) is Baa1 long-term foreign currency bank deposit on review for possible upgrade.

Also on review for upgrade are Baa1 long-term foreign currency bank deposit ratings for Nanyang Commercial Bank and Chiyu Banking Corp. The prime-2 short-term foreign currency deposit ratings of the above institutions are also on review for possible upgrade.

China Construction Bank is Baa1 long-term foreign currency senior debt and bank deposit and prime-2 short-term foreign currency deposit on review on review for possible upgrade.

Agricultural Bank of China is Baa1 long-term foreign currency bank deposit and prime-2 short-term foreign currency deposit on review for possible upgrade.

Moody's said the above ratings only apply to the foreign currency deposit-debt obligations of the six banks' head offices, and at their Hong Kong and foreign branches.


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