Bank Of Communications Rating Raised To 'BB+' On Stronger Financial Profile; Outlook Positive Apr 05

Standard & Poors, April 2005

Abstract
HONG KONG (Standard & Poor's) April 8, 2005--Standard & Poor's Ratings Services said today that it had raised its long-term foreign currency counterparty credit rating on Shanghai-based Bank of Communications (BoComm) to 'BB+' from 'BB'. The outlook is positive. The rating actions reflect the strengthening of BoComm's financial profile as a result of government support in the form of capital injections and problem loan sales, new capital injected by Hongkong and Shanghai Banking Corp. (HSBC Asia-Pacific, foreign currency: AA-/Stable/A-1+; local currency: A+/Stable/A-1) as well as reform initiatives by the bank itself. The shareholders' funds of the bank now exceed Standard & Poor's estimate of the additional loan loss reserving required to better provide for existing impaired loans. While BoComm's capitalization...

Companies mentioned in this report are: Bank of Communications Co. Ltd.,The Hongkong and Shanghai Banking Corp. Ltd.,China (People's Republic of )
Action: Outlook: Positive
Action: Upgraded

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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.

Bank of Communications Co. Ltd.,The Hongkong and Shanghai Banking Corp. Ltd.,China (People's Republic of )

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