Shanghai Pudong Development Bank – Foreign Currency Ratings Upgraded; Outlook Remains Stable
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Ref: CN01921 CRA00- 0 1 5 August 20 2 2
Shanghai Pudong Development Bank – Foreign Currency Ratings Upgraded; Outlook Remains Stable
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has upgraded the Long-Term Foreign Currency Rating ( LT FCR ) and Short-Term Foreign Currency Rating (ST FCR) of Shanghai Pudong Development Bank (SPDB) to ‘BBB + ’ an d ‘A 2 ’ , respectively, from ‘BBB’ and ‘A3’ . At the same time, CI Ratings has affirmed both SPDB’s Bank Standalone R ating (BSR) and Core Financial Strength (CFS) rating at ‘bbb-’. The O utlook for the LT FCR and BSR remains Stable.
As SPDB was classified as a D-SIB in October 2021, our E xtraordinary S upport L evel (ESL) has been revised to High from Moderate. The ESL of High reflects the Chinese government’s strong track record of extending assistance to troubled banks…