China Banks Get Higher Grades Than Most U.S. Rivals by S&P
This article is for subscribers only.
Bank of China Ltd. and China Construction Bank Corp. were upgraded by Standard & Poor’s after the ratings firm revised its criteria, giving the Chinese lenders higher grades than most of their largest U.S. rivals.
Bank of China and Construction Bank were raised to A from A-, and Industrial & Commercial Bank of China Ltd.’s rating was maintained at A, according to a statement issued today. The changes reflect the “very high” likelihood of China’s government providing help for the lenders in the event of financial distress, S&P wrote in separate statements.