China Merchants Bank’s Rating s Affirmed with a Stable O utlook
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Ref: CN018 19 CRA00- 0 1 30 September 2020
China Merchants Bank’s Rating s Affirmed with a Stable O utlook
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 China Merchant s Bank (CMB) at ‘BBB’ and ‘A2’, respectively. At the same time, CI Ratings has affirmed CMB’s B ank S tandalone R ating (BSR) and Core Financial Strength (CFS) at ‘bbb-’. The Outlook for the ratings remains Stable.
The Bank’s LT FCR is set one notch above the BSR based on an Extraordinary Support Level ( ESL ) of Moderate. The ESL takes into account the moderate level of indirect government ownership , as well as the medium size of the Bank’s balance sheet. Although there is no direct government ownership , the Chinese government has a fair track record of…