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Announcement:

Moody's affirms Shenzhen Development Bank's ratings

Global Credit Research - 10 Feb 2011

NOTE: On January 12, 2018, the press release was corrected as follows: The byline city and the releasing office at the end of the press release were changed to Hong Kong. Revised release follows.

Hong Kong, February 10, 2011 -- Moody's Investors Service has affirmed Shenzhen Development Bank's (SZDB) Ba2 long-term foreign currency deposit rating, D- bank financial strength rating (BFSR), and Not Prime short-term foreign currency rating.

The outlooks for all ratings remain positive. The D- BFSR maps to a Baseline Credit Assessment of Ba3.

Below is a list of all of the bank's ratings:

Bank financial strength rating: D- with positive outlook

Long-term foreign currency bank deposit rating: Ba2 with positive outlook

Short- term foreign currency bank deposit rating: Non-prime

RATINGS RATIONALE

The positive outlook on SZDB's ratings reflects the prospect of stronger franchise value, better access to capital, and further improvements in financial performance for the bank as a member of Ping An Insurance (Group) Company of China, Ltd. ("PAIG," unrated).

PAIG, directly or indirectly, owns 29.99% of SZDB. Currently, SZDB is in the process of obtaining regulatory approval for its proposed merger with Ping An Bank ("PAB," unrated), a subsidiary of PAIG. According to the proposal, SZDB will issue shares valued at RMB29 billion to PAIG in exchange for PAIG's 90.75% stake in PAB and RMB2.7 billion in cash, equivalent to 9% of PAB. After completion of these transactions, PAIG will own about 52% of SZDB.

"We expect the two banks to complete the merger, after obtaining the regulatory approval likely in 2011, at which time we will consider upgrading Shenzhen Development Bank's long term deposit rating to Ba1." says Yi Zhang, a Moody's Vice President and Senior Analyst.

"However, any upgrade to the BFSR would likely take place over a slightly longer -- 12 to 18 months -- timeframe. Specifically, we would view as positive for the BFSR if 1) SZDB can maintain solid asset quality as its loan book seasons, 2) it can maintain profitability and liquidity, and 3) it can keep its Tier I ratio at or above 8%," adds Zhang.

PAIG has demonstrated its commitment to developing the banking business as part of its long term growth strategy. It has lent valuable support to SZDB during the regulatory approval process for the proposed merger. Preparations for the eventual integration of the two banks' operations have already started.

Moody's last action on SZDB was taken on November 9, 2009, when Moody's affirmed its outlook on the ratings.

The principal methodologies used in rating SZDB were Moody's "Bank Financial Strength Ratings: Global Methodology" published in February 2007 and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" published in March 2007.

Shenzhen Development Bank is headquartered in Shenzhen. As of September 2010, SZDB had unaudited total assets of RMB 675.1 billion (about USD 100.8 billion).

Beijing
Yi Zhang
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service (Beijing) Ltd.
Telephone:+86-10 6642 8968

Hong Kong
Stephen Long
MD - Financial Institutions
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
JOURNALISTS: (852) 3758 -1350
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Moody's Investors Service Hong Kong Ltd.
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No Related Data.
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