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BULLETIN: China Construction Bank Corp. Ratings Unaffected By Bank of America (Asia) Purchase Aug 06
Standard & Poors, Aug 2006
Abstract
HONG KONG (Standard & Poor's) Aug. 25, 2006--Standard & Poor's Ratings Services said today that its ratings on China Construction Bank Corp. (CCB; BBB+/Stable/A-2) would not be affected by CCB's proposed acquisition of the entire equity interest in Hong Kong-based Bank of America (Asia) Ltd. from Bank of America Corp. (BoA, AA-/Stable/A-1+) for Hong Kong dollar 9.71 billion. Although CCB plans to pay cash, the proposed acquisition would have only a negligible impact on its financial profile. The transaction would be in line with CCB's long-term strategy of expanding its business outside the Chinese mainland in a measured manner and strengthening its strategic partnership with BoA. Upon completion of the acquisition, CCB is set to become the ninth-largest lender in...
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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