Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Sie sind im Begriff, von der lokalen Website für Deutschland auf die globale Website in englischer Sprache zu wechseln. Möchten Sie fortfahren?
Diesen Hinweis nicht wieder anzeigen.
Ja
Nein
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​​

I AGREE
Rating Action:

Moody's takes multiple rating actions on four Chinese banks

22 Oct 2009

Hong Kong, October 22, 2009 -- Moody's Investors Service has today taken multiple rating actions on four Chinese banks and affirmed the ratings on nine others to reflect the performance of the banks during the current financial crisis.

The four banks affected by the multiple rating actions are: Industrial & Commercial Bank of China (ICBC), China Construction Bank (CCB), Bank of China (BOC), and Agricultural Bank of China (ABC).

Specifically, the following rating actions were taken:

[1] The Bank Financial Strength Ratings (BFSRs) of three banks -- ICBC (D-, positive outlook), CCB (D-, positive outlook), and BOC (D-, stable outlook) -- were placed on review for possible upgrade.

[2] The BFSR of ABC was upgraded from E to E+, and mapped to a baseline credit assessment (BCA) of B1, up from Caa3. The revised rating carries a stable outlook.

The BFSRs of the nine other banks were affirmed. These banks are Bank of Communications (BoCom), China Merchants Bank (CMB), China CITIC Bank (CITICB), Shanghai Pudong Development Bank, China Everbright Bank (CEB), Guangdong Development Bank (GDB), Shenzhen Development Bank (SZDB), HSBC Bank China (HBCN), and Hang Seng Bank China (HACN).

Finally, the foreign currency long-term and short-term deposit ratings of all 13 banks were affirmed.

The rating actions and affirmations follow a comprehensive review of all the 13 Chinese rated banks after (i) reviews of their operational and financial profiles, and (ii) the implementation of a scenario analysis that tested the banks' sensitivity to various credit loss assumptions.

Yvonne Zhang, a Moody's Vice President and Senior Analyst, explains the rating actions:

RATING ACTIONS ON BFSRs

In determining the BFSRs, Moody's assesses the banks' capital levels after incorporating expected losses on their risky assets, using scenario analysis.

This application of a forward-looking view on their capital ratios is in line with Moody's reports, "Calibrating Bank Ratings in the Context of the Global Financial Crisis" and "Moody's Approach to Estimating Bank Credit Losses and their Impact on Bank Financial Strength Ratings", published in February and May respectively this year. Both are available on www.moodys.com.

In Moody's opinion, bank loans originated during the first half of 2009 carry a fair amount of risks due to weakened economic conditions and loosened underwriting standards.

However, an estimate of credit losses in various scenarios shows that the rated banks' earnings power, loan loss reserve levels, and capital adequacy levels are sufficient for their current BFSRs and outlooks. In the cases of ICBC, CCB, BOC, and ABC, Moody's analysis has highlighted their financial strength relative to their current ratings.

Moody's placed ICBC, CCB, and BOC's BFSR on review for possible upgrade because since their IPOs, (i) ICBC, CCB, and BOC have significantly improved their risk management and corporate governance practices; and (ii) their current earnings power, loss reserve levels, and capital ratios have been much more robust than what their current ratings suggest, and they are expected to remain strong in the foreseeable future.

Moody's upgraded ABC's BFSR from E to E+ to primarily reflect its strengthened capital position and continued reforms after Central Huijing Investment Ltd's capital injection and the transfer of most of the bank's NPLs from its balance sheet to a new fund at the end of 2008.

Moody's last rating actions were taken on August 10, 2007 for ICBC; August 9, 2007 for CCB; and October 24, 2008 for ABC, when Moody's changed the outlooks on their BFSRs to positive from stable.

Moody's last rating action on BOC was taken on July 26, 2007 when Moody's upgraded its long-term deposit rating to A1 from A2.

Moody's last rating action on CITICB was taken on November 18, 2008 when Moody's changed the outlook on its foreign currency long-term deposit rating to negative from stable.

Moody's last rating action on CEB was taken on May 4, 2007 when Moody's affirmed all CEB's ratings and the outlook.

Moody's last rating action on BoCom was taken on May 4, 2007 when Moody's raised the long-term foreign currency deposit rating to Baa1 from Baa2 and the short-term foreign currency deposit rating to P-2 from P-3.

Moody's last rating action on CMB was taken on June 3, 2008 when Moody's affirmed the long-term/short-term foreign currency deposit ratings of Baa3/P-3 and BFSR of D+.

Moody's last rating action on Shanghai Pudong Development Bank was taken on May 4, 2007 when Moody's affirmed the BFSR of D, the long-term foreign currency deposit rating of Ba1, and the short-term foreign currency deposit rating of NP.

Moody's last rating action on GDB was taken on August 9, 2007 when Moody's upgraded GDB's BFSR from E+ to D- and its long-term foreign currency deposit rating from Ba3 to Ba2.

Moody's last rating action on SZDB was taken on June 16, 2009 when Moody's changed the outlook on SZDB's D- BFSR and Ba2 foreign currency deposit rating to positive from stable.

Moody's last rating action on HBCN was taken on July 26, 2007 when Moody's upgrade the long-term foreign and domestic currency bank deposit ratings from A2 to A1.

Moody's last rating action on HACN was taken on October 29, 2007 when Moody's assigned BFSR of D, the long-term foreign and domestic currency bank deposit ratings of A1 and the long-term foreign and domestic currency bank deposit ratings of P-1.

The principal methodologies used in rating the 13 Chinese banks were "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, and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab.

Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

All the four banks which were the subjects of today's rating actions are headquartered in Beijing. As of June, 2009, ICBC reported assets of RMB 11.4 trillion (approximately USD 1.7 trillion), CCB RMB 9.1 trillion (USD 1.3 trillion), and BOC RMB 8.2 trillion (USD 1.2 trillion). As of December 2008, ABC reported assets of RMB 7 trillion (USD 1 trillion).

Below is a list of the ratings for the 13 banks:

Industrial & Commercial Bank of China:

Bank Financial Strength D- (placed on review for possible upgrade)

LT Bank Deposits (Foreign) A1 with stable outlook

ST Bank Deposits (Foreign) P-1

China Construction Bank:

Bank Financial Strength D- (placed on review for possible upgrade)

LT Bank Deposits (Foreign) A1 with stable outlook

ST Bank Deposits (Foreign) P-1

Bank of China:

Bank Financial Strength D- (placed on review for possible upgrade)

LT Bank Deposits (Foreign) A1 with stable outlook

ST Bank Deposits (Foreign) P-1

Agricultural Bank of China:

Bank Financial Strength E+ (upgraded from E)

LT Bank Deposits (Foreign) A1 with stable outlook

ST Bank Deposits (Foreign) P-1

Bank of Communications (all with stable outlook):

Bank Financial Strength D

LT Bank Deposits (Foreign) Baa1

ST Bank Deposits (Foreign) P-2

China Merchants Bank (all with stable outlook):

Bank Financial Strength D+

LT Bank Deposits (Foreign) Baa3

ST Bank Deposits (Foreign) P-3

China CITIC Bank:

Bank Financial Strength D with stable outlook

LT Bank Deposits (Foreign) Baa2 with negative outlook

ST Bank Deposits (Foreign) P-2

Shanghai Pudong Development Bank (all with stable outlook):

Bank Financial Strength D

LT Bank Deposits (Foreign) Ba1

ST Bank Deposits (Foreign) NP

China Everbright Bank (all with stable outlook):

Bank Financial Strength D-

LT Bank Deposits (Foreign) Ba1

ST Bank Deposits (Foreign) NP

Guangdong Development Bank (all with stable outlook):

Bank Financial Strength D-

LT Bank Deposits (Foreign) Ba2

ST Bank Deposits (Foreign) NP

Shenzhen Development Bank:

Bank Financial Strength D- with positive outlook

LT Bank Deposits (Foreign) Ba2 with positive outlook

ST Bank Deposits (Foreign) NP

HSBC Bank China (all with stable outlook):

Bank Financial Strength D

LT Bank Deposits (Foreign) A1

LT Bank Deposits (Local) A1

ST Bank Deposits (Foreign) P-1

ST Bank Deposits (Local) P-1

Hang Seng Bank China (all with stable outlook):

Bank Financial Strength D

LT Bank Deposits (Foreign) A1

LT Bank Deposits (Local) A1

ST Bank Deposits (Foreign) P-1

ST Bank Deposits (Local) P-1

Beijing
Yi Zhang
Vice President - Senior Analyst
Structured Finance Group
Moody's Beijing
Telephone:+86-10 6642 8968

Hong Kong
Leo Wah, CFA
Vice President - Senior Analyst
Financial Institutions Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 3551-3077

Moody's takes multiple rating actions on four Chinese banks
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.