Agricultural Bank of China’s Ratings Affirmed with a Stable Outlook

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Ref: CN01419CRA00-01 19 August 2020

Agricultural Bank of China’s Ratings Affirmed with a Stable Outlook

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Agricultural Bank of China (ABC) at ‘A’ and ‘A1’ , respectively . At the same time, CI Ratings has affirmed ABC’s B ank S tandalone R ating (BSR) at ‘bbb-’. The O utlook for the LT FCR and BSR remains Stable.

Given ABC’s majority state-ownership and G-SIB status, CI considers the likelihood of the authorities providing timely and sufficient extraordinary support to the Bank in the event of need to be very high. The Bank’s LT FCR is therefore set four notches above the BSR , a level aligned with CI’s internal assessment of sovereign credit risk for China.

The Bank’s BSR is derived from a CFS rating of ‘bbb-’ and an OPERA of…