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Bank Of Communications Rating Raised To 'BB+' On Stronger Financial Profile; Outlook Positive Apr 05
Standard & Poors, April 2005
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
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.
Bank of Communications Co. Ltd.,The Hongkong and Shanghai Banking Corp. Ltd.,China (People's Republic of )