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Bulletin: China Construction Bank Ratings Unaffected By Bank Of America?s Exercise Of Call Option May 08
Standard & Poors, May 2008
Abstract
HONG KONG (Standard & Poor's) May 30, 2008--Standard & Poor's Ratings Services said today that its ratings on China Construction Bank Corp. (CCB; A-/Stable/A-2) were not affected by a recent CCB announcement that Bank of America Corp. (BofA, AA/Stable/A-1+) has proposed to buy 6 billion shares of CCB from China SAFE Investment Ltd., a Chinese government investment vehicle. BofA has an option to increase its stake in CCB to as much as 19.9%. BoA's stake will rise to 10.75%, from its existing 8.19%, after the transaction. We believe BofA and CCB will continue their strategic partnership. As a strategic investor and the second-largest shareholder of the Chinese bank, BofA has assisted CCB in efforts to expand its retail banking and...
Companies mentioned in this report are: China Construction Bank Corp.,Bank of America Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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